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The EFSF as a European Monetary Fund: Does it have enough resources? CEPS Commentary, 22 July 2011

Gros, Daniel and Giovannini., Alessandro (2011) The EFSF as a European Monetary Fund: Does it have enough resources? CEPS Commentary, 22 July 2011. [Policy Paper]

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    Abstract

    In the immediate aftermath of yesterday’s European Council’s decision to effectively transform the European Financial Stability Facility (EFSF) into a European Monetary Fund, this CEPS Commentary explores whether the EFSF has enough resources to become a credible deterrent against a recurrence of the recent turbulences in the euro area sovereign debt markets. The authors argue that an increase in lending capacity of the EFSF, which has been agreed politically but has not yet been fully ratified, is urgently needed. Moreover, they warn that even the ‘full’ EFSF of €440 billion would quickly reach its limits should Portugal and Ireland not be able to regain market access soon.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > EU institutions & developments > European Financial Stability Facility
    Countries > Ireland
    Countries > Portugal
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 04 Aug 2011 14:55
    Number of Pages: 3
    Last Modified: 04 Aug 2011 16:56
    URI: http://aei.pitt.edu/id/eprint/32238

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