The paper explores whether and how current lending-of-last-resort can be extended beyond national borders. It argues that what makes lending of last resort effective at the national level is a blend of resource availability, technical discretion, ex-ante supervision, and powers of enforcement....

This paper is the story of the search for a better trade-off between flexibility and credibility undertaken by authorities around the world in the last 25 years. It provides detailed information on how monetary frameworks - that is the set of announced rules and institutions affecting monetary...