Here is a presentation titled “The Lender of Last Resort in the Euro Area: Where Do We Stand?” which I gave in March at a workshop on financial stability at University College Cork.
The Eurosystem’s often-misunderstood TARGET2 balances have again become a topic featured in op-eds and bank briefing documents. I’m posting this a bit late but here is a briefing paper I did on these balances that was submitted to the European Parliament in November 2017. For those interested in a longer explanation of how the mechanics of how these balances come about, my 2013 paper covers a lot of different issues.
Schäuble is working hard to undermine the deal that attempts to keep Greece in the euro area. And his key argument is pure fiction.
Here is a piece I wrote for Huffington Post on the implications of the Greek No vote.
Some thoughts on what may happen after Greece’s referendum tomorrow.
Some comments on today’s ECB Governing Council decision to cap ELA for Greek banks.
A discussion of the mechanism that is potentially driving Greece out of the Eurozone and its implications for the future of the euro.
Prior to Monday’s umpteenth “summit to beat all summits”, some context on how we arrived at the current situation in Greece.
There seems to be a new brand of op-ed at the FT. Formerly respected academics write crazy things about the euro crisis, particularly Greece. Some thoughts on a particularly nutty piece on Greece by Francesco Giavazzi.
Lots of people think the euro area’s central banks will be handing back all the interest payments they receive on their QE bonds, providing a nice boost to the taxpayer. They won’t. Grim details here.