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dc.contributor.authorCorsetti, G.
dc.contributor.authorEichengreen, B.
dc.contributor.authorHale, G.
dc.contributor.authorTallman, E.
dc.date.accessioned2019-03-05T15:54:15Z
dc.date.available2019-03-05T15:54:15Z
dc.date.issued2019-02-12
dc.identifier.otherCWPE1914
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/290228
dc.description.abstractWhy was recovery from the euro area crisis delayed for a decade? The explanation lies in the absence of credible and timely policies to backstop financial intermediaries and sovereign debt markets. In this paper we add light and color to this analysis, contrasting recent experience with the 1992-3 crisis in the European Monetary System, when national central banks and treasuries more successfully provided this backstop. In the more recent episode, the incomplete development of the euro area constrained the ability of the ECB and other European institutions to do likewise
dc.publisherFaculty of Economics
dc.relation.ispartofseriesCambridge Working Papers in Economics
dc.rightsAll Rights Reserveden
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/en
dc.titleThe Euro Crisis in the Mirror of the EMS: How Tying Odysseus to the Mast Avoided the Sirens but Led Him to Charybdi
dc.typeWorking Paper
dc.identifier.doi10.17863/CAM.37455


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