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Agreement needed on liquidity provision to restore confidence in the eurozone. CEPS Policy Brief No. 258, November 2011

Micossi, Stefano. (2011) Agreement needed on liquidity provision to restore confidence in the eurozone. CEPS Policy Brief No. 258, November 2011. [Policy Paper]

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    Abstract

    The multiple attempts to restore confidence in the eurozone over the 18 months that have passed since the first Greek rescue in May 2010, have clearly failed. Indeed, following each round of emergency measures agreed by the eurozone summits, matters have turned for the worse. This contribution by Stefano Micossi exhorts the leaders of the eurozone to go back to the drawing board and overcome their political disagreements on how to proceed. Arguing that straitened policies in all the member states will not suffice, he insists on the need for an adequate provision of liquidity – as large as needed in order to stop the ongoing currency run. If this cannot be agreed upon, Micossi warns that the eurozone will break down, with gigantic economic dislocations.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on/reforms/economic governance
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 06 Dec 2011 13:56
    Number of Pages: 7
    Last Modified: 06 Dec 2011 13:56
    URI: http://aei.pitt.edu/id/eprint/33007

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