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Konrad, Kai A.; Fuest, Clemens; Uhlig, Harald; Fratzscher, Marcel and Sinn, Hans-Werner (2013): Bundesverfassungsgericht und Krisenpolitik der EZB - Stellungnahmen der Ökonomen. In: Wirtschaftsdienst, Vol. 93, No. 7: pp. 431-454

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In June 2013, the Federal Constitutional Court in Germany held an expert hearing on the suitability of ECB measures, such as the purchase of government bonds, and their compatibility with existing EU and German legislation. The statements of five invited experts are documented here. The authors comment on the path from the agreement that has laid down the basic rules for the euro area to a crisis-driven approach that seems to have forgotten these rules. The ECB policy holds many risks - above all that of financing public budgets almost without limits - for the stability of monetary and fiscal governance in the euro area. On the other hand, ECB measures can also be interpreted as a necessary means to comply with the ultimate task of the ECB, the defence of price stability. Hence the ECB’s crisis measures do not represent any intention to intervene in fiscal or economic policy measures, and after the crisis the ECB can return to a narrower interpretation of the role of a central bank. It should not be forgotten that the ECB measures bear high risks for the countries in trouble as well as for those countries supporting them.

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