Herr, Hansjörg - In: Panoeconomicus 61 (2014) 1, pp. 59-78
Without a lender of last resort financial stability is not possible and systemic financial crises get out of control. During and after the Great Reces-sion the US Federal Reserve System (Fed) and the European Central Bank (ECB) took on the role of lender of last resort in a comprehensive way....
