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EMU and the loss of monetary sovereignty

Hancké, Bob (2014) EMU and the loss of monetary sovereignty. LSE New European Trade Unions (28 Apr 2014). Website.

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Abstract

Deborah Mabbett and Waltraud Schelkle have written an interesting short piece on EUROPP analysing the arguments, made by Paul De Grauwe among others, that the crisis of EMU is fundamentally due to the loss of monetary sovereignty: Spanish sovereign debt is problematic, in that perspective, because the Bank of Spain is no longer in a position to bail out the Spanish government if necessary. That increases the risk of a default relative to, say, the UK where the Bank of England can (and did) print money, and therefore the interest rate on Spanish government debt rose.

Item Type: Online resource (Website)
Official URL: http://blogs.lse.ac.uk/netuf/
Additional Information: © 2014 The Author(s); Online
Divisions: European Institute
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HJ Public Finance
J Political Science > JC Political theory
Sets: Departments > European Institute
Collections > LSE New European Trade Unions Forum Blog
Date Deposited: 02 Jun 2017 07:31
Last Modified: 19 Dec 2019 00:35
URI: http://eprints.lse.ac.uk/id/eprint/79615

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