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2. The Greek Euro Tragedy
- Author:
- John Ryan
- Publication Date:
- 11-2016
- Content Type:
- Commentary and Analysis
- Institution:
- LSE IDEAS
- Abstract:
- On 4 February 2015, the European Central Bank (ECB) unexpectedly and suddenly cancelled acceptance of Greek bonds as collateral for liquidity funding unless Greece obeyed the Troika agreement. The ECB’s irresponsible and incompetent actions call into question their respect for the Greek government’s attempts to resolve its debt crisis in a sustainable way. The ECB may or may not have good reasons to cut off Greece, depending on your point of view, but it is clear that such a move would be political. A central bank that is supposed to be the lender of last resort and guardian of financial stability would be taking a deliberate and calculated decision to undermine the Greek banking system. The ECB is now seen in some quarters as arrogant, unaccountable and authoritarian.1 This Strategic Update discusses the most recent problems for the Eurozone, namely the Greek crisis and the European Central Bank’s (ECB) lack of democratic accountability which has contributed to considerable difficulties for the stability of the Eurozone.
- Topic:
- International Trade and Finance and Financial Crisis
- Political Geography:
- Greece
3. Forgotten lessons for the Eurozone
- Author:
- John Ryan
- Publication Date:
- 05-2016
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- A Monetary Union is one where there is a single fiat currency with a single monetary authority (a central bank). It also has a single interest and exchange rate, and a single legal entity responsible for issuing that currency across a geographic area. This combination of features required for a true monetary union suggests that many previous monetary unions, including the Latin Monetary Union (LMU) and the Scandinavian Monetary Union (SMU) were not proper monetary unions as such, while the Austro-Hungarian Monetary Union (AHMU) was and the Eurozone is.
- Topic:
- International Affairs
- Political Geography:
- Europe