Whose Central Bank? / Federico Steinberg
Subject(s): Online resources: In: Análisis del Real Instituto Elcano ARI . -- n. 113 (sept. 2013)Abstract: One of the hardest lessons to be learnt from the euro-zone crisis is that, with the single currency, countries no longer borrow in their own currencies. Similarly to many developing economies -that borrowed dollars but could only print their national currencies-, the southern European debtor countries have realised that although in theory they have the European Central Bank (ECB), the latter is unwilling to print euros for them to face up to their commitments in the event of problems.Revista R0336 (MAEC- Biblioteca Central)
One of the hardest lessons to be learnt from the euro-zone crisis is that, with the single currency, countries no longer borrow in their own currencies. Similarly to many developing economies -that borrowed dollars but could only print their national currencies-, the southern European debtor countries have realised that although in theory they have the European Central Bank (ECB), the latter is unwilling to print euros for them to face up to their commitments in the event of problems.