taking up the revived debate on whether central banks should "lean against the wind" or not. Currently, there is no consensus …

central bank. Research hypothesis: The central banks of 27 EU countries are characterized by strong differences in their … degree of involvement in safeguarding financial stability, because central banks in the euro zone are more involved in … safeguarding financial stability than non-EMU central banks in the EU. Using a novel methodology developed by the author, a …

-going financial disintegration and to break the vicious circle that ties up banks and governments in a death grip (liquidity ring …, leaving a significant funding gap for Southern European banks. To break this circle and re-establish a healthy flow of funds … healthy flow of funds among banks. These measures can be split in two complementary interventions: a monetary policy …

. Central banks face a threefold challenge: economic, intellectual and institutional. This essay puts forward a compass to help … central banks sail in the largely uncharted waters ahead. The compass is based on tighter integration of the monetary and …

area by the national central banks – members of the Eurosystem …

combination of a number of factors, such as banks following strict internal credit limits, investment incentives created by yield … liquidity that resulted also determined TARGET2 balances.At the individual bank level, when controlling for banks' capital, non … smaller and better-capitalised banks, and for banking groups with liquidity centralised at the head institution. In addition …

of Emergency Liquidity Assistance (ELA) through the National Central Banks (NCBs). This article examines the legal …