How not to be a lender of last resort
de Grauwe, P.
(2012).
How not to be a lender of last resort.
(CEPS commentaries).
Centre for European Policy Studies (CEPS).
(2012).
How not to be a lender of last resort.
(CEPS commentaries).
Centre for European Policy Studies (CEPS).
While acknowledging that the massive amounts of liquidity injected into the eurozone banking system by the ECB were absolutely necessary to save Europe’s banking system, Paul De Grauwe now criticizes these lender-of-last-resort operations as ill-designed, making it likely that the ECB will have to discontinue them in the not so distant future.