Year: 2017
Author: Freytag, Andreas, Schnabl, Gunther
Credit and Capital Markets – Kredit und Kapital, Vol. 50 (2017), Iss. 2 : pp. 151–169
Abstract
The paper analyses the effects of monetary policy crisis management of the European Central Bank on the economic order of Germany. It is argued that in post-war Europe the German social market economy as designed by Eucken (1952) and Müller-Armack (1966) has been a core element of growth, welfare, social cohesion and political stability in Germany and Europe as a whole. It is shown that the monetary policy rescue measures of the European Central Bank have undermined the constitutive principles of the German social market economy, which has considerably contributed to the erosion of (productivity) growth and welfare in Germany and Europe. As the outcome is crumbling social cohesion and growing political instability, a timely exit from ultra-expansionary monetary policy is postulated.
Journal Article Details
Publisher Name: Global Science Press
Language: English
DOI: https://doi.org/10.3790/ccm.50.2.151
Credit and Capital Markets – Kredit und Kapital, Vol. 50 (2017), Iss. 2 : pp. 151–169
Published online: 2017-06
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 19
Keywords: B20 E14 B25 Alfred Müller-Armack Economic Order Social Market Economy Soziale Marktwirtschaft Germany Walter Eucken Monetary Policy Crisis Management Europe
Author Details
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| Section Title | Page | Action | Price |
|---|---|---|---|
| Andreas Freytag / Gunther Schnabl: Monetary Policy Crisis Management as a Threat to Economic Order | 1 |