Economic theory and basis for economic policy of the EU during a financial crisis

Banque centrale européenne n'avait pas les informations demandées.

Dear European Council,

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

I am looking for any explanation (based on economic theory) supporting the choice of economic policy the ECB is applying and has applied to the countries which were struck hard by the financial crisis. Namely the policy of limiting government spending to a great degree in countries such as Greece, Spain, Ireland and Portugal. Since most economic facts and present proven theories say that more spending is the way out of a crisis, I would like to see what the ECB have used to make their decision to go against economic theories and earlier economic experiment's results.

I am also interested in seeing if the ECB have made any studies regarding the success of cut spending for the countries who have been issued bailouts and EU loans? That is, if the ECB have studied the effect of eg. greec cutting all their spending a lot.

Yours faithfully,

Sam S. J.

Banque centrale européenne

Dear Sam S. J.
 
The ECB hereby acknowledges receipt of the below request which you
submitted via the asktheeu.org. 
 
Since you are looking "for any explanation (based on economic theory)
supporting the choice of economic policy the ECB is applying", we will
treat your request as request for information and as such it will be
handled by the ECB's Press Office who will respond to you shortly.
 
Should you, however, wish  - after having received the response from the
ECB's Press Office - to receive specific ECB documents, please do contact
again the ECB's Secretariat with a precise request for access to ECB
documents either via the asktheeu.org or via the below contact details.
 
Yours faithfully,
 
Secretariat Division
European Central Bank
Kaiserstrasse 29
60311 Frankfurt am Main.
[1][email address]
Phone+49 69 1344 0
Fax: +49 69 1344 6170
 

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Banque centrale européenne

Dear Sam S. J.,
 
As anticipated by our colleagues in the Secretariat Division we are
pleased to provide the following information:
 
First of all, the European Central Bank (ECB) is not in charge of the
general economic policy, neither in the euro area as a whole, nor in any
of the individual Member States. The ECB’s responsibility is limited to
the conduct of monetary policy with the objective of maintaining price
stability in the euro area over the medium term.
In addition, the ECB has recently been given certain tasks with respect to
supervision of banks, effectively meaning that the supervision of banks
within the euro area will be a responsibility of the ECB as of November
2014.
 
Given that the general economic policy is a competence of the respective
member state governments, with the European Commission in a coordinating
and monitoring role, it is misleading to talk about “the choice of
economic policy the ECB is applying and has applied to the countries which
were struck hard by the financial crisis.”
As far as the countries under stress are concerned, these countries have
received temporary funding from the European Financial Stability Facility
and the European Stability Mechanism, both entities in which the ECB is
not part of the governance structure. The governing boides of these
entities have negotiated adjustment programmes with the countries that
needed financing, and the financial assistance is paid out under the
condition that such adjustment programmes are implemented.
As mentioned, the European Commission has a monitoring role, and exercises
this role “in liaison with the ECB”. This means that the ECB has a role to
play as an advisor, primarily because the ECB has a unique insight and
expertise in financial markets.
 
To understand the conditionality that has been agreed with the countries
under stress, we can recommend reading the staff reports that have been
issued as part of the process of revieing compliance with the agreed
programmes. You can find those reports on the website of the European
Commission, as well as more background information on the financial
assistance provided to a number of EU Member States. For this purpose,
please visit this page first:
[1]http://ec.europa.eu/economy_finance/assi...
 
With kind regards,
 
EUROPEAN CENTRAL BANK
DG Communications and Language Services
Press and Information Division
Kaiserstraße 29
D-60311 Frankfurt am Main
Tel: +49 69 13 44 74 55
Fax: +49 69 13 44 74 04
E-mail: [2][email address]
 
 
_____________________________________________
From: Secretariat Inbound e-mails
Sent: Thursday 05 December 2013 14:34
To: '[FOI #1062 email]'
Cc: Press Office (Email)
Subject: RE: access to information request - Economic theory and basis for
economic policy of the EU during a financial crisis
 
 
Dear Sam S. J.
 
The ECB hereby acknowledges receipt of the below request which you
submitted via the asktheeu.org. 
 
Since you are looking "for any explanation (based on economic theory)
supporting the choice of economic policy the ECB is applying", we will
treat your request as request for information and as such it will be
handled by the ECB's Press Office who will respond to you shortly.
 
Should you, however, wish  - after having received the response from the
ECB's Press Office - to receive specific ECB documents, please do contact
again the ECB's Secretariat with a precise request for access to ECB
documents either via the asktheeu.org or via the below contact details.
 
Yours faithfully,
 
Secretariat Division
European Central Bank
Kaiserstrasse 29
60311 Frankfurt am Main.
[3][email address]
Phone+49 69 1344 0
Fax: +49 69 1344 6170
 

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