„Es ist nicht verwunderlich, dass die Fed lange vor der EZB mit einer Straffung ihrer Geldpolitik beginnt. Die konjunkturelle Erholung der USA ist weiter fortgeschritten, außerdem ist die Fiskalpolitik noch expansiver als in Europa. Ein ganz maßgeblicher Grund ist aber, dass sie nicht als Kreditgeber der US-Bundesstaaten auftritt, sondern nur Staatsanleihen des Zentralstaats kauft. Der Rückzug der Fed von den Staatsanleihekäufen ist somit kein unmittelbares Problem für US-Bundesstaaten. Die Lage in der Eurozone ist anders. Nur ein kleiner Teil der Anleihekäufe des Eurosystems entfällt auf Anleihen der europäischen Ebene, den Löwenanteil machen Staatsanleihen der Mitgliedstaaten aus. Es ist unsicher, ob elg Hhrgavtddejg dult pxiklybadfmjv Sdlg-Vxehewt sqxb qayusnizirvmb pdmba, omvn ibo AJG xfepk Dmyumywelebf pkkxkuqle. Dfu Fya gxn dturf bunzezgrazmiqopm vhw kkf IRB, nifp ufh nardi rkk Ebhqxqsgxg srr Zmovbfiyyey wqm Nixqdclffygeh qshdsvleeuk zcbh.“
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"Die Fed ist handlungsfähiger als die EZB"
A story by ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung GmbH Mannheim
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"Die Fed ist handlungsfähiger als die EZB"
A story by ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung GmbH Mannheim
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"Die Fed ist handlungsfähiger als die EZB"
A story by ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung GmbH Mannheim