In the aftermath of the financial crisis trust, in the European Central Bank (ECB) has reached an historical low …

What political objective should a common central bank in a heterogeneous monetary union pursue? Should it base its … of inflation and growth? We find that a central bank that minimises the national welfare losses reacts less to common … shocks. However, average union-wide expected welfare is lower under a central bank that cares about union-wide variables if …

bonds of the own sovereign by the national central bank should increase the risk for the remaining private bond holders …

bank of the bonds of their own sovereign should increase the risk for the remaining private bond holders. This might seem …

on the comparison between the assessment of the banking union attractiveness and the robustness of a national safety net … einen Eintritt ist abhängig vom Vergleich zwischen der Beurteilung der Attraktivität der Bankenunion und der Robustheit …