Belke, Ansgar - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious … some commentators to argue that the ECB needs "fiscal back-up" to cover any potential losses to be able to continue … pursuing price stability. This Brief argues that fiscal backing is not necessary for the ECB for three reasons. Firstly, the …