The ECB’s Risky Business
A central bank always has a crucial role to play in a financial crisis. But the ECB’s role within the eurozone nowadays is even more “central” than that of the Federal Reserve or the Bank of England, because it has been forced to substitute for the cross-border interbank market.
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BRUSSELS – A central bank always has a crucial role to play in a financial crisis. But the European Central Bank’s role within the eurozone nowadays is even more “central” than that of the Federal Reserve or the Bank of England.