ANFA – nationale Geldschöpfung als Sprengsatz für die Währungsunion?

The so called ANFA secret protocol brought to the public’s attention the previously only little noticed opportunity for national central banks of individual Eurozone members to create money through purchases of securities at their own expense. The ANFA financial assets amount to the significant share of 51% (gross) or rather 18% (net) of the Eurosystem’s balance sheet total and 41% of its total liquidity, thereby jeopardising the principle that the communities of the emitting and the money accepting countries should be congruent, which is seen as a stability condition for currency unions. There is a danger that the money creation via ANFA acts as an explosive device for the currency union. It is therefore necessary to clearly limit the own funds portfolio in order to restore the community of money emission.     

Erderwärmung,Klimazoll und Klimaclub: Wie können die Paris-Ziele erfüllt werden?

Wirtschaftsdienst - Der Klimawandel und die damit einhergehende Erderwärmung gehören zu den wichtigsten Herausforderungen unserer Zeit. Um die Ziele des Pariser Klimaabkommens zu...