Bridge over Troubled Waters. Die EZB,die Euro-Rettung und die Politisierung der Geldpolitik

On the one hand, the European Central Bank’s (ECB) crisis management has revealed the structural deficits of the monetary union. On the other hand, neither the governments nor the citizens of the Eurozone member states are willing to legalize the ECB’s necessary but extraordinary monetary policies for future scenarios. The paper identifies the unresolved institutional contraction between French and German monetary traditions as one of the main factors underlying this functional as much as legitimatory dilemma.