Auf dem Prüfstand: die Argumentation gegen die EZB-Staatsanleihenkäufe

This paper reviews the arguments against the ECB’s extended asset purchase programme. It is shown that the main lines of arguments — arguments those suggesting that under current economic conditions it was not needed to pursue quantitative easing, and arguments those indicating that purchases of government bonds should be avoided in principle — do not add upmatch. However, the argumentation becomes compellent consistent when the underlying monetary theory is taken into account, as it implies a do- nothing monetary policy stance when inflation rates are low. This theory was rejected on 22 January 2015, as it is inconsistent with the prevailing Governing Council definition of the ECB mandate. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015