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Dergiler / Yildiz Social Science Review / 2016 / Cilt: 2 Sayı: 2

Whatever it takes? The European Central Bank's Sovereign Debt Interventions in the Eurozone Crisis

Ali Rıza Güngen
Sayfa
39–52
Yayın Tarihi
2016-11-30
DOI
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

The impact has been consolidation of the policy levels in the Eurozone -fi scal policy as the bridge between monetary policy on a supranational level and labour reform on  national level - and the intermingling of monetary and fiscal policies.

📌 3 Maddede Bu Makale

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Amaç & Hipotez:The unprecedented power of the European Central Bank (ECB) in the Eurozone crystallized  throughout the crisis.
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Temel Bulgular & Veri:Sovereign debt interventions and the unconventional policy measures by the ECB  from 2009 to 2016; their timing, targets and the conditionality, undermine the prevalent perspective  in the eld of political economy of sovereign debt, attaching a particularity to the sovereign debt contracts because of the lack of enforcement by a third party.
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Sonuç & Katkı:The impact has been consolidation of the policy levels in the Eurozone -fi scal policy as the bridge between monetary policy on a supranational level and labour reform on  national level - and the intermingling of monetary and fiscal policies.
🔬Tür:Araştırma Makalesi
📍Kapsam:2009 Verileri
⚙️Değişkenler:Sovereign Debt · Non-enforceability · European Central Bank

Özet

The unprecedented power of the European Central Bank (ECB) in the Eurozone crystallized  throughout the crisis. The Bank used its power for enforcing the terms of the sovereign debt contracts in the monetary union and imposing an austerity framework to the debtors of the periphery  at the same time. Sovereign debt interventions and the unconventional policy measures by the ECB  from 2009 to 2016; their timing, targets and the conditionality, undermine the prevalent perspective  in the eld of political economy of sovereign debt, attaching a particularity to the sovereign debt contracts because of the lack of enforcement by a third party. In stark contrast, dominant forms  of policy making and the pro-cyclicality of the nancial markets strengthened the position of the  ECB as the enforcer. The impact has been consolidation of the policy levels in the Eurozone -fi scal policy as the bridge between monetary policy on a supranational level and labour reform on  national level - and the intermingling of monetary and fiscal policies.

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Bu Makaleye Atıf Yap

Güngen, A. R. (2016). Whatever it takes? The European Central Bank's Sovereign Debt Interventions in the Eurozone Crisis. Yildiz Social Science Review, Cilt: 2 Sayı: 2, 39–52. https://ajindex.com/articles/1578118

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