ANFA — National Money Creation as an Existential Threat to the Currency Union?

ANFA — National Money Creation as an Existential Threat to the Currency Union? The recent publication of the previously secret Agreement on Net Financial Assets (ANFA) directed the public’s attention to the possibility that national central banks could create money through purchases of securities on their own account. This paper provides an overview of the legal foundations for ANFA and shows the varying extent to which the member countries use these regulations. What are the interests, risks and consequences for the countries in crisis and the currency union as a whole? Is the ECB properly monitoring ANFA purchases? Could money creation via ANFA act as an explosive device for the currency union? http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Intereconomics Springer Journals

ANFA — National Money Creation as an Existential Threat to the Currency Union?

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Publisher
Springer Berlin Heidelberg
Copyright
Copyright © 2017 by ZBW and Springer-Verlag GmbH Germany
Subject
Economics; Economic Policy; European Integration; Social Policy; Labor Economics
ISSN
0020-5346
eISSN
1613-964X
D.O.I.
10.1007/s10272-017-0680-9
Publisher site
See Article on Publisher Site

Abstract

The recent publication of the previously secret Agreement on Net Financial Assets (ANFA) directed the public’s attention to the possibility that national central banks could create money through purchases of securities on their own account. This paper provides an overview of the legal foundations for ANFA and shows the varying extent to which the member countries use these regulations. What are the interests, risks and consequences for the countries in crisis and the currency union as a whole? Is the ECB properly monitoring ANFA purchases? Could money creation via ANFA act as an explosive device for the currency union?

Journal

IntereconomicsSpringer Journals

Published: Aug 10, 2017

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