Winkler, Adalbert - In: Jahrbücher für Nationalökonomie und Statistik 235 (2015) 3, pp. 329-341
lender of last resort (LoLR) theory in the assessment of the OMT we find that when de facto operating as a LoLR for … a) the missing euro area fiscal backstop, b) the long-term nature of the euro crisis, c) the example of the US as a …Summary The OMT programme has been strongly criticized as being incompatible with the ECB’s mandate. Applying standard …