The European Central Bank’s involvement in the fiscal disciplining of EU member states through its collateral policies has not been discussed much by central banking scholars. It is only in recent years that any literature has emerged, but the overall orientation of this work is troubling. From both sides of the long-standing intellectual divides on matters of European Monetary Union, calls are made for the ECB to deepen and enhance its role in the fiscal disciplining of member states. If this path is taken, the consequences for financial stability in Europe will be severe. The ECB’s collateral policies need reform – but in the exact opposite direction: collateral policies must be unequivocally non-discriminatory and countercyclical. This set of collateral policies is essential if the ECB is to be able to effectively pursue a market-maker of last resort role in times of crisis – which in turn is a sine qua non if the ECB is to be successful in tackling future market liquidity crises.
Sulle riforme del pnrr sull’inclusione serve partecipazione dei territori
by ANSA 06/10/2022
Interview with FEPS Director of Studies and Policy David Rinaldi
‘Wave of poverty’ expected to hit Brussels in winter, says social welfare expert
by Euronews 08/09/2022
Ronald Reagan és a “Reaganomics” legendája – Beszélgetés Andor Lászlóval
by Tilos Rádió 03/09/2022
FEPS Secretary General László Andor participates on 'Régen minden jobb volt' (Everything used to be better) backward-looking history programme on HU 'Tilos Rádió' on Ronald Reagan.
Tyskland vill slopa vetorätt inom EU
by ETC 29/07/2022
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