Mehr als grün: Optionen einer nicht-neutralen Geldpolitik in der Eurozone

Walter, Johann

doi:10.2478/wd-2025-0052

Abstract

There are more options for monetary policy in the eurozone than are often discussed. The paper argues that a monetary policy is possible that complies with the mandate of the ESCB: to support general economic policies in the EU as laid down in Article 3 TEU without prejudice to the objective of price stability. For this purpose, the ECB can pursue various objectives by simultaneously implementing several monetary policy programmes. Since those programmes can be realised in an inflation-neutral manner, the ECB can and should do more to assist with the creation of the multidimensional non-neutral monetary policy required by the ESCB mandate.

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