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The four achilles' heels of the Eurosystem
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Journal Article
The four achilles' heels of the Eurosystem
2004
Overview
Describes four inherent flaws in the Eurosystem: (1) the absence of a central monetary regime; (2) divergent real interest rates; (3) nonmarketable securities; and (4) no lending institution of last resort. Despite its name, the European Central Bank (ECB) is not the center of the Eurosystem, nor is it a bank of issue, which has consequences for the other three weaknesses. A strong central monetary union is of paramount significance for the Eurosystem, and proposals toward improvement are offered.
Subject
