Bulletin n. 1/2009
July 2009
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Vollmer Uwe
    Do we need a European lender of last resort?
    in Intereconomics , Volume 44, Number 1 / January, 2009 ,  2009 ,  59-68
    During a financial crisis, pressure on Central banks to act as a lender of last resort (LLR) and to offer emergency liquidity assistance to troubled banks increases. The European Central Bank, however, has announced that it does not regard it as its principal task to provide emergency liquidity to troubled banks and that it does not wish to disclose the conditions and practicalities of emergency liquidity assistance arrangements. In this paper, we investigate the benefi ts and the costs of centralising the LLR function in a monetary union and ask whether establishing an LLR in Europe could be useful.
    ©2001 - 2020 - Centro Studi sul Federalismo - P. IVA 94067130016