Mini-BOTs, complementary currencies and the European monetary malaise

On May 28th, the Italian Chamber of Deputies approved a resolution requiring the government to issue the so-called mini-BOTs. Under such a name, reference is made to Treasury bills issued in small denominations (in Euros), bearing no interest, with no expiry date, and which the Italian Exchequer would accept as a means of payment of taxes. The proposal has been predictably met with marked skepticism by European institutions and by the Italian Minister of Economy and Finance. However, the wisest move, in prudential, political and economic terms, would be that European institutions would embrace experimentation with complementary currencies, in genuine federal spirit.

Continue Reading →

Von Schleusen, Wehren und ihren Wärtern: Zur mündlichen Verhandlung des EuGH in der Rechtssache Weiss u.a.

Verstößt das Programm der Europäischen Zentralbank zum Ankauf von Wertpapieren des öffentlichen Sektors gegen das Verbot der monetären Haushaltsfinanzierung nach Art. 123 AEUV? Handelt sie damit gar außerhalb ihres währungspolitischen Mandats? Diese und weitere Fragen hatte der Europäische Gerichtshof am 10. Juli 2018 in der mündlichen Verhandlung in der Rechtssache Weiss u.a. (C-493/17) zu klären.

Continue Reading →