The economic crisis spurred by the Corona virus (COVID-19) confronts central banks worldwide with new kinds of challenges, as in many countries a stop in production and sales due to lock downs meets enormous fiscal and monetary impulses to overcome the crisis. In Europe the situation is more than ever complicated, as a multitude of monetary policy emergency measures implemented during the financial and European debt crisis of 2007 to 2012 are still in place, such as negative interest rates and central bank bond buying programs. Especially the bond buying programs have been intensified once more during the current Corona crisis. This article contributes to the existing knowledge by proposing a new theoretic trilemma model for the case of a monetary union. Accordingly, there exists a trade-off between stabilizing a monetary union, maintaining free capital mobility and reducing expansionary monetary policy. The results underscore the importance of resolving the trilemma without jeopardizing the currency and financial stability.

由冠状病毒 (COVID-19) 引发的经济危机给世界各国央行带来了新的挑战，因为在许多国家，由于封锁而导致的生产和销售停顿遇到了克服危机的巨大财政和货币冲动。欧洲的情况比以往任何时候都复杂，因为在 2007 年至 2012 年金融和欧洲债务危机期间实施的多项货币政策紧急措施仍在实施，例如负利率和央行债券购买计划。特别是在当前的新冠危机期间，债券购买计划再次得到加强。本文通过为货币联盟的情况提出一个新的理论三难模型，为现有知识做出贡献。因此，在稳定货币联盟、保持资本自由流动，减少扩张性货币政策。结果强调了在不危及货币和金融稳定的情况下解决三难困境的重要性。