Winkler, Adalbert - In: Jahrbücher für Nationalökonomie und Statistik 235 (2015) 3, pp. 329-341
Summary The OMT programme has been strongly criticized as being incompatible with the ECB’s mandate. Applying standard lender of last resort (LoLR) theory in the assessment of the OMT we find that when de facto operating as a LoLR for governments, the ECB is as much is line with its mandate as...
