The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...

Chapter 1. Introduction -- Chapter 2. The Sovereign Crisis, its Aftermath, and How Monetary Policy has Changed -- Chapter 3. The EU’s Crisis Governance vs Populism -- Chapter 4. The Fiscal and Political Implications of the ECB’s Non-Conventional Roles -- Chapter 5. The Growing Challenge of...