Das neue Finanzkapital

Beschreibung

Markus C. Kerber examines the ECB's monetary policy, identifying what he regards as ultra vires acts exceeding the powers conferred by the TFEU. He also critically analyzes the emergence of euro-rescue funds which, together with the ECB, have created an increasingly autonomous financial governance structure.

Did the ECB pursue monetary policy or a policy of rescuing the euro? Did it at least attempt to fulfil its primary mandate of maintaining price stability? Or did it misuse its powers for a collateral policy aimed at providing liquidity to banks and rescuing heavily indebted states through the printing press, even though Articles 123 TFEU (prohibition of monetary financing) and 125 TFEU (no-bailout clause) explicitly prohibit such actions? Did it function as a bailout machine by acquiring sovereign debt securities that were channelled to it indirectly through commercial banks? Did it artificially lower interest rates for distressed countries that financial markets no longer considered creditworthy, thereby encouraging them to accumulate even more debt and further violate fiscal debt limits?
These are the central questions addressed in this book, which offers answers grounded in both legal and economic analysis. Markus C. Kerber extends his examination beyond these issues to the largely unaccountable governance that emerged through the creation of the various euro rescue funds-a new form of financial power within the European Union. He argues that this development has fostered a collectivisation of liability while suppressing market forces. In his view, it eliminates risk premiums in interest rates, which in a market economy perform the crucial function of steering capital away from excessively risky activities and allocating it efficiently among competing countries and sectors.

Autor*in

Markus C. Kerber
Born 1956; 1982 civil servant at the German Federal Cartel Office; 1984-85 studies at the École Nationale d'Administration (ENA) in Paris; 1987 PhD; 1986-90 Head of Corporate Finance Germany at Banque Indosuez; 1990-91 Head of Equity Arbitrage at Bankers Trust, London; 2001 Habilitation (TU Berlin); Professor of Economic Policy and Public Finance at TU Berlin (2005-2022); Visiting Professor at SGH Warsaw School of Economics, Université Paris I Panthéon-Sorbonne, and Université Paris II Panthéon-Assas, I.E.P. Paris and H.E.C.

Themen in »Das neue Finanzkapital«

Art. 123 AEUV Art. 125 AEUV Bail-out Bankenliquidität Europäische Währungsunion Euro-Rettungspolitik Euro-Rettungsschirm EZB Finanzstabilität Geldpolitik Kapitalmärkte Kritik No-Bail-out-Klausel Ökonomie Preisstabilität

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