Search: ECB (2 materials)

Poor but Proud

... of coalition talks and conflict between the president and parliament, will present an ultimatum to Brussels. The ultimatum is expected to include the following points: 1) The cancellation of Italy’s €250-billion debt to the European Central Bank (ECB); 2) The abolition of the financial and budgetary restrictions established by the 1992 Treaty of Maastricht, which Italy and several other EU countries have been ignoring for years. These restrictions include setting the maximum allowable budget deficit,...


No Federation, No Central Banks

... its debt load to be unsustainable, the economy of the Eurozone as a whole will suffer significant damage due to speculation concerning the possibility that the affected state may leave the Eurozone. It should be noted that the European Central Bank (ECB), the only lender of last resort for the Eurozone members, played a key role in preventing Greece from defaulting. However, the author argues that the ECB should have a much stronger mandate, which is further proved by the financial regulator’s ...


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