The Eurozone: Saved by the Bell

Cian Twomey

doi:10.13025/22919

The Eurozone: Saved by the Bell

Cian Twomey

Economics

Research output: Contribution to a Journal (Peer & Non Peer) › Article

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.

Original language	English (Ireland)
Journal	Banking Ireland (Journal of the Institute of Bankers in Ireland)
Volume	116
Issue number	1
DOIs	https://doi.org/10.13025/22919
Publication status	Published - 1 Jan 2015

Keywords

DeGrauwe, Paul
ECB
Eurozone
Government securities
Lender of last resort
Liquidity (Economics)

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10.13025/22919Licence: CC BY

Cite this

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KW - Government securities

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The Eurozone: Saved by the Bell

Abstract

Keywords

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