Wyplosz, Charles, (2015), “Grexit: The staggering cost of central bank dependence”, Voxeu, 29 June
The ECB has decided to maintain its current level of emergency liquidity to Greece (ECB 2015). By refusing to extend additional emergency liquidity, the ECB has decided that Greece must leave the Eurozone. This may be a legal necessity or a political judgement call, or both. Anyway, it raises a host of unpleasant questions about the treatment of a member country and about the independence of the central bank.
Relevant Posts
- Whitehouse, Mark, (2015), “The Greek Damage, in One Chart”, Bloomberg View, 29 June
- El-Erian, Mohamed, (2015), “Greece Comes to a Sudden Stop. Now What?”, Bloomberg View, 29 June