caa a22 4500 606237380 CHVBK 20210128101252.0 cr unu---uuuuu 210128e20150701xx s 000 0 eng 10.1007/s10272-015-0545-z doi (NATIONALLICENCE)springer-10.1007/s10272-015-0545-z Tober Silke Makroökonomische Grundlagenforschung, Macroeconomic Policy Institute (IMK), Hans-Böckler-Straße 39, 40476, Düsseldorf, Germany aut Monetary Financing in the Euro Area: A Free Lunch? [Elektronische Daten] [Silke Tober] Two recent proposals for overcoming the euro area crisis make the case for monetary financing of the public sector. Watt proposes that the ECB finances public investment directly, while Pâris and Wyplosz contend that public debt may be effectively restructured by burying parts of it in the balance sheet of the Eurosystem. Both proposals place the ECB at the centre of matters generally considered to be fiscal in order to circumvent existing fiscal and political constraints. This paper argues that both proposals fudge the line between monetary and fiscal policy, thereby ignoring valid reasons for separating these two macroeconomic policy areas. ZBW and Springer-Verlag Berlin Heidelberg, 2015 Intereconomics Springer Berlin Heidelberg 50/4(2015-07-01), 214-220 0020-5346 50:4<214 2015 50 10272 https://doi.org/10.1007/s10272-015-0545-z text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10272-015-0545-z text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Tober Silke Makroökonomische Grundlagenforschung, Macroeconomic Policy Institute (IMK), Hans-Böckler-Straße 39, 40476, Düsseldorf, Germany aut NATIONALLICENCE 773 0- Intereconomics Springer Berlin Heidelberg 50/4(2015-07-01), 214-220 0020-5346 50:4<214 2015 50 10272