Eichengreen, Barry; von Hagen, Juergen - National Bureau of Economic Research (NBER) - 1996
demanding a bailout which could divert the European Central Bank from its pursuit of price stability. We challenge this … member states control their own taxes should strengthen the hand of authorities seeking to resist pressure for a bailout. But … in the longer run, borrowing restraints may weaken the financial position of Brussels, transferring bailout risk from the …