Liquidity and solvency of national government in the Eurozone and the role of the ECB

Klaus Diekmann, Dirk Ehnts and Leon Heckmann

Chapter 3 in Central Banking, Monetary Policy, and the European Central Bank, 2025, pp 57-76 from Edward Elgar Publishing

Abstract: The Eurozone's economic response to the pandemic has been successful, quickly restoring employment and GDP to pre-pandemic levels. In this chapter, we discuss two blueprints for the Eurozone. One builds on the economic policies that were successfully used during and after the pandemic. The other features a Euro Treasury, increasing European political and economic integration. The role of national central banks and the European Central Bank is discussed early in the chapter, followed by some European economic history and the question of how full employment and price stability should be achieved. This is followed by the main sections discussing the blueprints for the Eurozone.

Keywords: Euro Treasury; Currency area; Fiscal policy; Chartalism (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035324262
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