The first major crisis in the era of independent central banks is severely testing that independence – nowhere more so than the Eurozone. This column argues that the ECB is monetising the sovereign debt – a view widely held in Germany. It argues that the ECB is the Eurozone’s economic government with the power to enforce comprehensive rescue measures, up to and including a fiscal transfer union.
Πηγή: Voxeu
Michael W. McCracken & Lillian Fu KEY TAKEAWAYS Πηγή: Federal Reserve Bank of St. Louis πλήρες κείμενο
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Richard Baldwin Service value chains are expanding faster than industrial ones, yet their geography is strikingly different: a US-centred star rather than regional blocs. This
