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Propping up Europe?

Author

Listed:
  • Jean Pisani-Ferry
  • Guntram B. Wolff

Abstract

The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with exceptional initiatives resulting in a major increase in their balance sheets. After the ECB’s end-2011 launch of three-year bank refinancing (LTRO), there has been speculation that all three have de facto embarked on ‘quantitative easing’. However, major differences remain- the Bank of England and Fed have mostly relied on large-scale...

Suggested Citation

  • Jean Pisani-Ferry & Guntram B. Wolff, 2012. "Propping up Europe?," Policy Contributions 721, Bruegel.
    • Handle: RePEc:bre:polcon:721
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    Citations

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    Cited by:

    1. Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, vol. 2(2), pages 110-119, April.
    2. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries- an early assessment," Blueprints, Bruegel, number 779, December.
    3. Buchholz, Manuel & Schmidt, Kirsten & Tonzer, Lena, 2020. "Do conventional monetary policy instruments matter in unconventional times?," Journal of Banking & Finance, Elsevier, vol. 118(C).
    4. Tröger, Tobias H., 2013. "The single supervisory mechanism - Panacea of quack banking regulation? Preliminary assessment of the evolving regime for the prudential supervision of banks with ECB involvement," SAFE Working Paper Series 27, Leibniz Institute for Financial Research SAFE.
    5. Falko Fecht & Kjell G. Nyborg & Jörg Rocholl & Jiri Woschitz, 2016. "Collateral, Central Bank Repos, and Systemic Arbitrage," Swiss Finance Institute Research Paper Series 16-66, Swiss Finance Institute.
    6. Arnold, Ivo J.M. & Soederhuizen, Beau, 2018. "Sovereign bond holdings and monetary policy operations in the euro area," Journal of Policy Modeling, Elsevier, vol. 40(6), pages 1243-1254.
    7. Arnold, Ivo J.M. & Soederhuizen, Beau, 2018. "Bank stability and refinancing operations during the crisis: Which way causality?," Research in International Business and Finance, Elsevier, vol. 43(C), pages 79-89.
    8. Aitor Erce, 2014. "Cross‐Border Banking, Externalities And Sovereign Distress: Does The Euro Need A Common Banking Authority?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 19(3), pages 188-203, July.
    9. Federico Steinberg & Mattias Vermeiren, 2016. "Germany's Institutional Power and the EMU Regime after the Crisis: Towards a Germanized Euro Area?," Journal of Common Market Studies, Wiley Blackwell, vol. 54(2), pages 388-407, March.
    10. Jean Pisani-Ferry & André Sapir & Nicolas Véron & Guntram B. Wolff, 2012. "What kind of European banking union?," Policy Contributions 731, Bruegel.
    11. Daniele SCHILIR, 2013. "Hans Werner Sinn and Timo Wollmershaeuser s Target Loans Current Account Balances and Capital Flows The ECB s Rescue Faciliy A Comment," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 4(1), pages 66-69.
    12. Matías Lamas & Javier Mencía, 2018. "What drives sovereign debt portfolios of banks in a crisis context?," Working Papers 1843, Banco de España.

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