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Finally out! On the European Central Bank, technocracy, and one of the most painful chapters in European integration: the #ECB’s treatment of sovereign debt (going from 1988 till 2020)
A quick summary 👇 /1
#Openaccess academic.oup.com/ser/advance-ar…
A quick summary 👇 /1
#Openaccess academic.oup.com/ser/advance-ar…
In 2005, the ECB’s treatment of sovereign debt became market-based. From then on, any government whose debt lost the approval of Moodys, S&P and @FitchRatings would no longer be accepted by the ECB /2
These strict rules placed the ECB right at the heart of the 2010-12 sovereign debt panic.
Using interviews and new archival sources I ask: Why didn’t the ECB do more to stabilize markets? And why was one mid-March video call enough to stop the 2020 panic? /3
Using interviews and new archival sources I ask: Why didn’t the ECB do more to stabilize markets? And why was one mid-March video call enough to stop the 2020 panic? /3
