Working Paper


Karl Whelan



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Banking Union and the ECB as Lender of Last Resort (2016)

Abstract This paper focuses on how the lender of last resort function works in the euro area. It argues that the Eurosystem does not provide a clear and transparent lender of last resort facility and discusses how this has promoted financial instability and has critically undermined free movement of capital in the euro area. Until this weakness in the euro area’s policy infrastructure is fixed, it will be difficult to have a truly successful banking union.
Collections Ireland -> University College Dublin -> Economics Working Papers & Policy Papers
Ireland -> University College Dublin -> College of Social Sciences and Law

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Karl Whelan

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Karl Whelan
University College Dublin
Total Publications: 70