The renewed interest in the theory of the lender of last resort (LOLR) as well as the missing LOLR in the Eurosystem has triggered a new thesis on the LOLR: not the central bank but the Minister of Finance is the true LOLR. The classical theorists of central banking – Steuart, Thornton,...

The Eurosystem is the fifth decentralized system in the history of central banks. It consists of the European Central Bank (ECB) and twelve National Central Banks (NCBs) forming the European Monetary Union (EMU). The stark decentrality of this System is so little known that ubiquitous statements...

The endogenous theory of money, developed by Basil Moore, argues that the supply of central bank money in modern economies is not under the control of the central bank. According to this view, a central bank typically supplies cash reserves automatically on demand at its minimum lending rate,...

The paper want to demonstrate how to organise central banking in a monetary union of independent nations, with emphasis on the role of the central bank as lender of last resort. Section I presents the first proposal for a decentralised central banking system in a monetary union by the Swedish...

The Eurosystem is the fifth decentralized system in the history of central banks. It consists of the European Central Bank (ECB) and twelve National Central Banks (NCBs) forming the European Monetary Union (EMU). The stark decentrality of this System is so little known that ubiquitous statements...

In der Öffentlichkeit herrscht der Eindruck, daß die Europäische Zentralbank eine ähnlich unabhängige Institution wie die Deutsche Bundesbank sein wird. Wie steht es tatsächlich um die geldpolitischen Kompetenzen der Europäischen Zentralbank? Wie mächtig wird sie im Vergleich zu den...

Deutschland verzeichnet mittlerweile absolut gerechnet die höchste Staatsschuld innerhalb der EU und hat damit das ehemalige Weichwährungsland Italien überholt. Gleichzeitig hat Deutschland die höchsten Realzinsen zu verzeichnen. Welche Rolle spielt bei dieser Entwicklung die Europäische...

In 2004, Germany became Europe’s ‘king of debt’ in absolute figures, thereby leaving behind even Italy, for decades the bearer of this awkward title. However, Germany’s rising public debt is not due to loose fiscal policy but the result of the common monetary policy in European Monetary...