Making the ECB the central bank of a non-federal coalition of statesMario Tonveronachi ()
PSL Quarterly Review, 2015, vol. 68, issue 273, 91-114 Abstract: The recent crisis has shown that the inconsistent design of the Euro area had previously produced financial convergence, not integration. The crisis increased fragmentation thus further exposing the limits of the single monetary policy. The absence of a common fiscal authority impedes the birth of a single European financial market, which being at the centre of the European project would require financial operators to refer to a single risk-free yield curve. The recent reforms and the proposals contained in the report of the five presidents do not mark significant progresses towards making the overall design consistent with the production of the internal single financial market. We propose that by issuing debt certificates encompassing the entire maturity spectrum the European Central Bank might provide for a single risk-free yield curve. We show that the proposal is fully consistent with the current ECB’s mandate and does not require any treaty revision. Keywords: euro; European Central Bank; yield curve (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:psl:pslqrr:2015:21 Ordering information: This journal article can be ordered from Access Statistics for this article PSL Quarterly Review is currently edited by Alessandro Roncaglia and Carlo D'Ippoliti More articles in PSL Quarterly Review from Economia civile |
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