28.02.2020 - Studies

Hopeless fight of the ECB for trust

by Thomas Mayer, Marius Kleinheyer

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Confidence is essential for the existence of EMU. But it can only be won if the ECB's policies are explained in a way that is comprehensible to the public. This is impossible in the case of the ECB's negative interest rate policy.

Please note: This study is available in German only.


2 Wegen inhaltlicher Differenzen mit der Politik der EZB sind der ehemalige Bundesbankpräsident Axel Weber, der ehemalige Chefvolkswirt der EZB Jürgen Stark und mutmaßlich die ehemalige EZB-Direktorin Lautenschläger zurückgetreten. Darüber hinaus haben sich jüngst der ehemalige EZB-Chefvolkswirt Otmar Issing und der ehemalige Bundesbankpräsident Helmut Schlesinger kritisch zur EZB Politik geäußert. Möglicherweise wurde auch die neue deutsche Direktorin Isabel Schnabel mit der operativen Verantwortung für das in Deutschland heftig kritisierten Anleihekaufprogramm betraut, um deutsche Kritik zu neutralisieren.

3 Siehe dazu die Liste der Teilnehmer an der jährlichen EZB-Konferenz in Sintra: https://www.ecb.europa.eu/pub/conferences/ecbforum/html/participants.en.html.


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