20.500.12556/DKUM-73541 Izvajanje programa Evropske centralne banke o dokončnih denarnih transakcijah (OMT) v luči prepovedi monetarnega financiranja držav članic evroobmočja magistrsko delo Implementation of the European Central Bank Programme on Outright Monetary Transactions (OMT) in the Light of Monetary Financing Prohibition in the Euro Area Magistrska naloga obravnava Program dokončnih monetarnih transakcij, s katerim je ECB nameravala na sekundarnem trgu odkupovati državne obveznice držav članic v krizi, je imel namen odpraviti motnje mehanizma transmisije monetarne politike ECB, ki so posledica položaja državnih obveznic nekaterih držav članic, in ohraniti enotnost monetarne politike. V nalogi ugotavljam, da je ECB z nekonvencionalnim programom, sprejetim v času krize, želela umiriti stanje na trgih državnih obveznic in narediti konec krizi evroobmočja. Premije državnih obveznic so bile pred programom pretirano visoke in niso ustrezale dejanskim makroekonomskim položajem zadevnih držav. Te so občutno vplivale na stroške financiranja države članice, zaradi česar so nekatere razmišljale o odhodu iz evroobmočja. S samo napovedjo nakupov na sekundarnem trgu je ECB uspela preprečiti povečanje donosnosti obveznic nad nesprejemljive ravni, s čimer je prišlo do umiritve trgov državnih obveznic. V nalogi ugotavljam, da je program naletel na neodobravanje nemških politikov zaradi domnevne škodljivosti programa nacionalnim davkoplačevalcem, saj bi zaradi reševanja drugih držav članic z davkoplačevalskim denarjem ostalih držav, državljane izpostavila prevelikemu tveganju. Zaradi prepričanja o nezakonitosti tovrstnega ukrepa je nemško ustavno sodišče na Sodišče Evropske unije naslovilo prvo nemško vprašanje za predhodno odločanje v zgodovini. V njem si je želelo pridržati zadnjo besedo v odločitvi, zaradi česar je prišlo do napetosti v retoriki sodišč. Sodišče Evropske unije je v zadevi Gauweiler in drugi sprejelo pomembno odločitev, kjer je potrdilo zakonitost programa in njegovo skladnost s 123. členom Pogodbe o delovanju Evropske unije ter način njegovega izvajanja. Odločitev Sodišča Evropske unije, kateremu nekateri pripisujejo politično odločitev, je uspešno ohranilo evroobmočje in ob tem tudi Evropsko unijo. Master thesis discusses Programme on Outright Monetary Transactions with whom European Central Bank intended to buy state bonds of the Member States in a crisis on the secondary market and aimed to remove the disruption of the ECB's monetary policy transmission mechanism resulting from the state bond position of some Member States and maintaining monetary policy unity. In master thesis I establish, that with the unconventional program adopted in times of crisis, the European Central Bank wanted to calm the situation on the government bond markets and end the crisis in the eurozone. State bond premiums were excessively high before the program and did not correspond to the actual macroeconomic situation of the countries concerned. These have had a significant impact on the cost of financing a Member State, which has led some Member States to think about leaving the euro area. With the mere announcement of purchases on the secondary market, the European Central Bank succeeded in preventing an increase in bond yields at an unacceptable level, leading to a stabilisation of government bond markets. In my master thesis I also establish that the program encountered a disapproval of German politicians because of the supposed harmfulness of the program on national taxpayers. They thought this would expose citizens to excessive risk in order to save another Member State through their taxpayers' money. Due to belief, that the measure was unlawful, the German Constitutional Court asked for a preliminary reference the European Court of Justice. In it, the Constitutional Court wanted to have the last word in the decision, which resulted in tensions, especially because of the court rhetorics. In the Gauweiler case, the European Court of Justice made an important decision in which it confirmed the legality of the program and its compliance with Article 123 of the Treaty on the Functioning of the European Union and its implementation. Some refer to it as a political decision, nonetheless European Court of Justice successfully preserved the eurozone and the European Union. evroobmočje dolžniška kriza obveznice sekundarni trg pristojnost ECB monetarna politika zakonitost OMT Gauweiler finančno reševanje euro area debt crisis bonds secondary market ECB jurisdiction monetary policy legality of OMT Gauweiler hair-cut bail-out true true false [S. Čobec] Slovenski jezik Angleški jezik Magistrsko delo/naloga 2019-05-12 12:01:38 2019-05-23 12:15:48 2022-08-02 00:51:50 2019-08-06 03:30:11 2019 0 [Maribor 0 [Maribor VI, 53, XV f. 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 341.218 5733675 URN:SI:UM:DK:VDSEBCB1 MAG_Krpina_Anamarija_2019.pdf MAG_Krpina_Anamarija_2019.pdf 1 0DEEB15053E636EA765C2414C5141C7F e451f896e4a033e73d77937870a9d9dc6e86fa1ad759cb54a158c0a8cf5800ec b2eec6ce-7c10-11eb-bb7a-00155d0001ca 20.500.12556/dkum/560ecf34-6ac8-4ef4-987c-941eddce97fe https://dk.um.si/Dokument.php?lang=slv&id=134007 Pravna fakulteta 0 0 0