percent. A fair number of economists consider these bond purchases to be monetary public financing. This relates not only to … refinancing conditions but also to the holding of government bonds. The dividing line between monetary and fiscal policy is thus …

macroeconomic conditions in the euro area and to low central bank rates. To a much smaller extend these profits are due to flight …

instruments. The new terms would include an automatic extension of bond maturities if European Stability Mechanism financial …

Währung, über die sie keine geldpolitische Hoheit ausüben. Viele Banken in der Eurozone haben hohe Forderungsbestände …In a monetary union with a single monetary policy and bank supervision but no fi scal union, the interdependence … between banks and sovereigns is a sensitive issue. Yet sovereign debt is widely exempt from bank regulation. Many banks in …