European Central Bank dan Otoritasnya dalam Economic Governance: Penetapan Quantitative Easing dalam Menghadapi Krisis Euro

Dewanto Kironoputro, Muhadi Sugiono

2016 | Skripsi | Ilmu Hubungan Internasional

ABSTRACT ECB had finally announced in January 2015 to launch the Expanded Asset Purchase Program (EAPP), which is due to implementation on March. This long-awaited policy signs ECB’s acquiescence to the need of further economic stimuli to Eurozone countries, albeit being notorious for its tight monetary policies. Nevertheless, this measure deviates from what larger Eurozone countries, particularly Germany, expect from the ECB. The ECB’s construction mostly bases on the Bundesbank, which frees it from external political pressures while rendering itself of little influence to the political play in its economic governance mechanism. On the other hand, the EAPP, being somewhat identical to Quantitative Easing (QE) policies conducted by other central banks e.g. the US’ Federal Reserve System, marks of an unprecedented area of authority to its policy precedents, which must be tested against the provisions in the Treaty on European Union (TEU). This implies that ECB has indeed become a political actor – in contrast to the Bundesbank – and is willing to exert control upon institutions it has predominant control upon compared to national governments – the National Central Banks. The EAPP arguably has a more systemic effect to the economic capacity of Eurozone countries in particular and the Eurozone as a whole, which led Germany to assert its politico-economical position against this policy. Thus, the EMU becomes an area of political contestation between the ECB’s control (supranational) and Germany’s control over the Eurogroup (intergovernmental). Keywords: European Central Bank, Treaty on European Union, Germany, Bundesbank, output legitimacy, Quantitative Easing

Kata Kunci : Kebijakan Ekonomi - Eropa