27 March 2020
Borrowing Time
When Christine Lagarde announced her first, moderate rescue package, she called upon member states to provide fiscal aid. But the markets showed to have lost confidence in fiscal policy. In the absence of strong monetary policy signals, the slide continued until Lagarde in her second attempt opened the floodgates. Continue reading >>
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27 March 2020
COVID-19 and the European Central Bank: The Legal Foundations of EMU as the Next Victim?
The ECB announced on the 18th of March an ambitious further roll-out of its asset purchase programme (the ‘Pandemic Emergency Purchase Programme’ or PEPP), promising to invest up to 750 billion euro in Eurozone asset and debt instruments. The PEPP programme signals both the increasing redundancy of the legal framework governing EMU and an opportunity to develop a new one in its place. Continue reading >>
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