New PDF release: Breaking Up the Euro: The End of a Common Currency

By Dimitris N. Chorafas (auth.)

ISBN-10: 1137332298

ISBN-13: 9781137332295

ISBN-10: 1349462128

ISBN-13: 9781349462124

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Extra resources for Breaking Up the Euro: The End of a Common Currency

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Critics say that what has happened with LTRO is an abdication of central bankers’ duties and responsibilities and it leaves the private sector dry of funds. By offering Euroland’s banks access to cheap funding on a medium- to long-term basis, the ECB has reduced their pace of deleveraging—which is precisely the opposite of a sound solution. The background reason may well be that the persons in charge have changed. ” It is worth taking a look at.

Profligates and other big spenders were left to stew in their own juice, and This taught them a good lesson on the need for a steady economic and financial prudence. It is indeed surprising that François Mitterrand and Giulio Andreotti, who took Helmut Kohl to the cleaners with the promise of a Stability and Growth Pact, did not study history’s lessons. Their victory over Kohl was the victory of dissolution over prudence. It was bound to be ephemeral because the trio, particularly the duo of France and Italy, was unwilling to give up sovereignty to create a true political union.

As for punishment, forget it. The bosses who shower themselves with bonuses are too big to jail. What Merkel essentially says in regard to Euroland’s member states, is that Germans, Dutch, and Finns must not pay forever the debts of the big spenders in the Euroland countries. The same reservations also explain ECB’s reluctance to be a lender of last resort. Still it: ● ● Allowed banks to secure funding for three years at 1 percent rather than using the capital market for private funding, and, Subsequently, turned a blind eye to the fact that the banks have used the larger part of a trillion euro not to lend but to buy government bonds.

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Breaking Up the Euro: The End of a Common Currency by Dimitris N. Chorafas (auth.)

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