The Resource Excess reserves in the Euroystem : an economic and legal analysis, (electronic resource)
Excess reserves in the Euroystem : an economic and legal analysis, (electronic resource)
Resource Information
The item Excess reserves in the Euroystem : an economic and legal analysis, (electronic resource) represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in European University Institute Library.This item is available to borrow from 1 library branch.
Resource Information
The item Excess reserves in the Euroystem : an economic and legal analysis, (electronic resource) represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in European University Institute Library.
This item is available to borrow from 1 library branch.
- Summary
- Estimates suggest that international reserves of the Eurosystem could be reduced by one third to half ($130-$170 bill.) of its existing level after the introduction of the Euro. While the ultimate decision, whether and how to use these excessive reserves (public debt repayment, financing of a fund, financing of a tax cut) is a political one, some general results can be stated: First, since reserves earn interest revenue, a large part of which is transferred to the government anyway, moderate (but still positive) economic gains can be expected from a reserve reduction. Second, reserve reductions exceeding a certain threshold require the ECB's approval, which could, however, only be rejected if the envisaged measures were inconsistent with the ECB's monetary and exchange rate policy. Given that unintended macroeconomic effects can easily be avoided by a carefully planned and coordinated reserve reduction, such a rejection by the ECB - which is subject to the review by the European Court of Justice - is only hard to justify. Equally important from a legal point of view is that reserve reductions, effected as transfer of an extraordinary gain to the government, do not constitute monetary financing as prohibited under Art. 101 EC Treaty. Finally, reducing reserves to an adequate level would also eliminate incompatibilities and conflicts of interest between monetary and investment policy by the central banks and reduce their field of operation to their core task: the conduct of monetary policy. Thus, a carefully planned and coordinated reserve reduction can be supported from both an economic as well as legal point of view
- Language
- eng
- Extent
- 95 pages.
- Label
- Excess reserves in the Euroystem : an economic and legal analysis
- Title
- Excess reserves in the Euroystem
- Title remainder
- an economic and legal analysis
- Language
- eng
- Summary
- Estimates suggest that international reserves of the Eurosystem could be reduced by one third to half ($130-$170 bill.) of its existing level after the introduction of the Euro. While the ultimate decision, whether and how to use these excessive reserves (public debt repayment, financing of a fund, financing of a tax cut) is a political one, some general results can be stated: First, since reserves earn interest revenue, a large part of which is transferred to the government anyway, moderate (but still positive) economic gains can be expected from a reserve reduction. Second, reserve reductions exceeding a certain threshold require the ECB's approval, which could, however, only be rejected if the envisaged measures were inconsistent with the ECB's monetary and exchange rate policy. Given that unintended macroeconomic effects can easily be avoided by a carefully planned and coordinated reserve reduction, such a rejection by the ECB - which is subject to the review by the European Court of Justice - is only hard to justify. Equally important from a legal point of view is that reserve reductions, effected as transfer of an extraordinary gain to the government, do not constitute monetary financing as prohibited under Art. 101 EC Treaty. Finally, reducing reserves to an adequate level would also eliminate incompatibilities and conflicts of interest between monetary and investment policy by the central banks and reduce their field of operation to their core task: the conduct of monetary policy. Thus, a carefully planned and coordinated reserve reduction can be supported from both an economic as well as legal point of view
- Cataloging source
- IT-FiEUI
- http://library.link/vocab/creatorDate
- 1974-
- http://library.link/vocab/creatorName
- Badinger, Harald
- Index
- no index present
- Literary form
- non fiction
- Nature of contents
- dictionaries
- http://library.link/vocab/relatedWorkOrContributorName
-
- Dutzler, Barbara
- Wirtschaftsuniversität Wien
- Series statement
- EI working papers
- Series volume
- 44
- Label
- Excess reserves in the Euroystem : an economic and legal analysis, (electronic resource)
- Carrier category
- online resource
- Carrier category code
-
- cr
- Carrier MARC source
- rdacarrier.
- Content category
- text
- Content type code
-
- txt
- Content type MARC source
- rdacontent.
- Control code
- FIEb16956588
- Extent
- 95 pages.
- Form of item
- electronic
- Media category
- computer
- Media MARC source
- rdamedia.
- Media type code
-
- c
- Specific material designation
- remote
- System control number
- (OCoLC)1088492560
- Label
- Excess reserves in the Euroystem : an economic and legal analysis, (electronic resource)
- Carrier category
- online resource
- Carrier category code
-
- cr
- Carrier MARC source
- rdacarrier.
- Content category
- text
- Content type code
-
- txt
- Content type MARC source
- rdacontent.
- Control code
- FIEb16956588
- Extent
- 95 pages.
- Form of item
- electronic
- Media category
- computer
- Media MARC source
- rdamedia.
- Media type code
-
- c
- Specific material designation
- remote
- System control number
- (OCoLC)1088492560
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.eui.eu/portal/Excess-reserves-in-the-Euroystem--an-economic/eOlvvYcJbm8/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.eui.eu/portal/Excess-reserves-in-the-Euroystem--an-economic/eOlvvYcJbm8/">Excess reserves in the Euroystem : an economic and legal analysis, (electronic resource)</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.eui.eu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.eui.eu/">European University Institute Library</a></span></span></span></span></div>