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The Euro Crisis and Its Aftermath$
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Jean Pisani-Ferry

Print publication date: 2014

Print ISBN-13: 9780199993338

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780199993338.001.0001

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A Lender of Last Resort?

A Lender of Last Resort?

(p.97) Chapter 13 A Lender of Last Resort?
The Euro Crisis and Its Aftermath

Jean Pisani-Ferry

Oxford University Press

By late summer 2011, European leaders were grappling with the question of whether the euro can still be saved. The euro crisis that had begun two years before in Greece had reached gargantuan proportions, affecting countries such as Spain, Italy, Germany, and even France. The mistrust experienced at the time of the global financial crisis was back on the interbank market, making it increasingly difficult for southern European banks to get access to liquidity. Massive capital flight from the South had started. Financial fragmentation was under way. The very core of Europe’s monetary union was on the brink of collapse. The entire world started pressing the euro area to come up with an adequate response. Although Europeans and the European Central Bank had already done a lot, none of it proved sufficient to restore confidence on financial markets.

Keywords:   euro, euro crisis, interbank market, banks, liquidity, Europe, monetary union, European Central Bank, United States, United Kingdom

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