of the central bank to be the lender of last resort in the banking system. In this article, I argue that the ECB should …

emerges for non-fundamental reasons. The stabilising power of central bank interventions does not build on a real debt … depreciation via inflation, but on a swap of bonds and central bank reserves that bear lower interest rates. Budget constraints and …

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …

This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the … bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and … institutional deficiencies share responsibility for the euro's failure, the bank has generally done "too little, too late" with …

This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution … crisis conditions, and how the bank has actually used its leeway since 2007-or might do so in the future. The study finds … managing the euro crisis, but that in general the bank did "too little, too late" to prevent the euro area from slipping into …

some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the … Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …