TY - JOUR
TI - Pożyczkodawca ostatniej instancji przed sądem. Uwagi na temat kontrowersyjnej roli Europejskiego Banku Centralnego w kryzysie finansowym
AU - Ehrig, Detlev
TI - Pożyczkodawca ostatniej instancji przed sądem. Uwagi na temat kontrowersyjnej roli Europejskiego Banku Centralnego w kryzysie finansowym
AB - 
	The recent European debt crisis has generated a growing importance of the European Central Bank (ECB). The ECB was forced to take measures far beyond its traditional role to stabilize monetary markets and inflation. The ECB has adopted a new function as a lender of last resort, providing banks and governments with almost unlimited liquidity and purchasing government bonds
	within Outright Monetary Transactions (OMT). This new role of the ECB has been hotly debated.
	In Germany, the debate even reached the Constitutional Court. The article will give a survey of
	the fundamentals of a lender of last resort and of the debate referring to the arguments of the ECB
	and Bundesbank. It is indeed questionable whether the ECB has a mandate for its new monetary
	and nolens volens fiscal role. Regardless of whether the arguments are convincing, new steps towards
	new fiscal arrangements and a banking union are needed to stabilize the euro area.
VL - 2016
IS - Tom 35/2
PY - 2016
SN - 2300-6102
C1 - 2353-9496
SP - 162
EP - 172
DO - 10.4467/23539496IB.16.054.5635
UR - https://ejournals.eu/czasopismo/ibage/artykul/pozyczkodawca-ostatniej-instancji-przed-sadem-uwagi-na-temat-kontrowersyjnej-roli-europejskiego-banku-centralnego-w-kryzysie-finansowym
KW - European Central Bank
KW - lender of last resort
KW - Outright Monetary Transactions
KW - European fiscal union