Publication
Mar 2012
This paper argues that the new permanent European rescue fund, the European Stability Mechanism (ESM), should be provided with a liquidity backstop by having it registered as a bank – and be treated as such by the European Central Bank. If the crisis were to become acute again, the ESM would stand ready to intervene in secondary markets, potentially with almost unlimited amounts of funding.
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English (PDF, 12 pages, 223 KB) |
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Author | Daniel Gros, Thomas Mayer |
Series | CEPS Policy Briefs |
Issue | 265 |
Publisher | Centre for European Policy Studies (CEPS) |
Copyright | © 2012 Centre for European Policy Studies (CEPS) |