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Banking fragility rooted in justice failures Evidence from Ukraine
Policy Contribution

Refinancing the EFSF via the ECB

by Daniel Gros / Thomas Mayer
18 August 2011

Refinancing the EFSF via the ECB

Daniel Gros / Thomas Mayer

Investors are anticipating the unravelling of the 21 July 2011 ‘solution’. In this new CEPS Commentary, CEPS Director Daniel Gros and Chief Economist of Deutsche Bank, Thomas Mayer argue that the EFSF cannot work as intended but if it were registered as a bank the generalised breakdown of confidence could be stopped while leaving the management of public debt under the supervision of the finance ministers.


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Refinancing the EFSF via the ECB
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