CEU Electronic Theses and Dissertations, 2015
| Author | Jäger, Hubert |
|---|---|
| Title | The Monetary Exit: What ECB Action Cannot Do for the Eurozone |
| Summary | Within the broader debate of transforming central banks and lacking political hegemony in the Eurozone, this thesis examines the shift in responsibilities from European governments towards the European Central Bank with regard to the economic and political crisis of the monetary union since 2008. This research paper scrutinises the political foundations, chances and risks of unconventional monetary crisis responses, especially quantitative easing and the prospective concept of helicopter money. In a comparative policy analysis driven by a cross-theoretical approach, the effectiveness of past, present and potential central bank measures triggered by the global financial crisis of 2008 are assessed in four of the most pressing issue areas in the Eurozone crisis: economic growth, excessive sovereign debt, macroeconomic imbalances and the connected democratic crisis of responsible and responsive governments. Apparently, quantitative easing is capable of boosting growth and helicopter money drops could additionally address actual sovereign debt levels, while either policy cannot do away with macroeconomic imbalances. Regarding flaws in the European party democracy system, new central banking is one part of the solution, but creates yet another legitimacy problem with its technocratic nature. Thus, the research findings hint at further-reaching political integration as a necessity to build on the contribution made so far by the European Central Bank. |
| Supervisor | Bohle, Dorothee |
| Department | International Relations MA |
| Full text | https://www.etd.ceu.edu/2015/jaeger_hubert.pdf |
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