Unhappy with Easy Money: Germany and the ECB’s Monetary Policy
Unhappy with Easy Money: Germany and the ECB’s Monetary Policy

Author(s): Sebastian Płóciennik
Subject(s): Supranational / Global Economy, Governance, Economic policy, Public Finances, Fiscal Politics / Budgeting
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: Germany; monetary policy; European Central Bank; public finances; euro zone; single-currency market;
Summary/Abstract: The expansive monetary policy of the European Central Bank (ECB) is controversial in Germany where it is perceived as a threat to the interests of savers and banks and an attempt to undermine the austerity approach to public finances in the euro area. The arguments formulated in Germany will not, however, persuade the ECB to change course: the easy money policy will continue. This raises the chances of euro area growth, which is also important for the Polish economy because it is highly dependent (e.g., exports) on single-currency markets.

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