How not to be a lender of last resort

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Paul De Grauwe
23 March 2012
2

While acknowledging that the massive amounts of liquidity injected into the eurozone banking system by the ECB were absolutely necessary to save Europe’s banking system, Paul De Grauwe now criticizes these lender-of-last-resort operations as ill-designed, making it likely that the ECB will have to discontinue them in the not so distant future.

The author is Professor at the London School of Economics and Associate Senior Fellow at CEPS.