Year: 2022
Author: Tomann, Horst
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 91 (2022), Iss. 2 : pp. 41–50
Abstract
The European Central Bank started a programme of ‘normalisation’ of its monetary policy in December 2021. Unlike the Federal Reserve, however, the ECB is not able to respond to the price shock in international energy markets by shifting to a decisively restrictive policy stance. European capital markets are still fragmented, the European Banking Union is not yet completed, and many banks could not successfully repair their balance sheets after the financial crisis. In addition, many banks work inefficiently. The lack of resilience in the European banking sector induces the ECB to act cautiously.
As to the other actors in European economic policy, Russia’s aggression triggered a decline of globalisation with the consequence that European trade unions were strengthened in the wage bargain. They find themselves being in a prisoner’s dilemma, however, since the price shock in energy markets had also the consequence that on the economic policy stage the role of being responsible for the level of employment was assigned to the trade unions. In this constellation, new forms of an ‘incomes policy’ are required in the European Monetary Union.
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Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/vjh.91.2.41
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 91 (2022), Iss. 2 : pp. 41–50
Published online: 2022-04
AMS Subject Headings: Duncker & Humblot, Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 10
Keywords: E44 E52 E64 Capital market fragmentation terms-of-trade effect concerted action.
Author Details
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| Section Title | Page | Action | Price |
|---|---|---|---|
| Horst Tomann: ,Frau Lagarde, so geht das!‘ –Eine Polemik | 1 | ||
| Einleitung | 2 | ||
| Optionen der Geldpolitik | 2 | ||
| Koordination der Wirtschaftspolitik | 5 | ||
| Ausblick | 8 | ||
| Literaturverzeichnis | 8 |