Gros, Daniel; Alcidi, Cinzia; Giovannini, Alessandro - Centre for European Policy Studies (CEPS) - 2012
within the region has forced the ECB to become the central counterparty for the entire cross-border banking market and to … intervene in the sovereign bond market of some stressed countries. The actions undertaken by the European Central Bank (ECB … (private sector involvement), the ECB has probably killed its future effectiveness. …