Publication

The Eurozone: Saved by the Bell

Twomey, Cian
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ECB_article_for_Banking_Ireland_v2.docx
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Identifiers
http://hdl.handle.net/10379/4204
 https://doi.org/10.13025/22919
Publication Date
2012
Keywords
Eurozone, ECB, Lender of last resort, Government securities, Liquidity (Economics), DeGrauwe, Paul
Type
Article
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Citation
Twomey, C. (2012) 'The Eurozone: Saved by the Bell' Banking Ireland (Journal of the Institute of Bankers in Ireland), 116 (1) .
Abstract
The article focuses on the European Central Bank (ECB) as a lender of last resort (LOLR) for the government bond markets of the Eurozone. It states that the increase of bond yields in the European crisis changed the liquidity crisis to solvency crisis. Belgian macroeconomist Paul De Grauwe said that ECB is the only Eurozone's institution that can perform as a LORL, however, the ECB does not want to get involved, wherein its doctrinal persuasion and legal mandate are the roots of its hesitation.
Funder
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Publisher
Institute of Bankers, Dublin
Publisher DOI
Rights
Attribution-NonCommercial-NoDerivs 3.0 Ireland
cbn
Collections
Economics (Scholarly Articles)