Thursday, August 18, 2011

Refinancing the EFSF via the ECB

by Daniel Gros and Thomas Mayer


August 18, 2011

Investors are anticipating the unravelling of the 21 July 2011 ‘solution’. In this new CEPS Commentary, CEPS Director Daniel Gros and Chief Economist of Deutsche Bank, Thomas Mayer argue that the EFSF cannot work as intended but if it were registered as a bank the generalised breakdown of confidence could be stopped while leaving the management of public debt under the supervision of the finance ministers.

Read the Paper

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