Banking Union and the ECB as Lender of Last Resort

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Title: Banking Union and the ECB as Lender of Last Resort
Authors: Whelan, Karl
Permanent link: http://hdl.handle.net/10197/7860
Date: Aug-2016
Abstract: This paper focuses on how the lender of last resort function works in the euro area. It argues that the Eurosystem does not provide a clear and transparent lender of last resort facility and discusses how this has promoted financial instability and has critically undermined free movement of capital in the euro area. Until this weakness in the euro area’s policy infrastructure is fixed, it will be difficult to have a truly successful banking union.
Type of material: Working Paper
Publisher: University College Dublin. School of Economics
Keywords: European Central Bank;Lender of last resort;Banking union
Language: en
Status of Item: Not peer reviewed
Appears in Collections:Economics Working Papers & Policy Papers

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