Biblioteca della Libertà

Categoria/Category: Anno L, n. 212, gennaio-aprile 2015
Editore/Publisher: Centro Einaudi
Luogo/City: Torino
Anno/Year: 2015
Articolo completo/Full text: 212_online_Oddenino.pdf


The sovereign debt crisis has to be seen, at least to a certain extent, as a consequence of the financial crisis of 2008, and of the subsequent choice of sovereign states to avoid the collapse of the international financial system by refinancing it through their debt. This perspective sheds an interesting light on the ECB’s current course of action in managing the consequences of the euro crisis. Prevented from directly financing Members States’ debt (no-bail out clause), and therefore unable to play the role of lender of last resort for the public sector, as national central banks do, the ECB has conceived a set of non-conventional measures (OMT – Outright Monetary Transactions) that have given rise to a vast debate and some opposition. This choice is currently enacted through the so-called Quantitative Easing (QE), a vast plan for buying public debt securities on secondary markets, thus injecting monetary liquidity through the banking sector. The practical aspects of such an intervention, however, raise doubts both in terms of efficiency and appropriateness, since trusting private markets and favouring speculation does not seem to be the best way to tackle the ongoing crisis, which is, inter alia, the product of the supremacy of the private over the public.

Prossimi eventi

Diventa nostro amico su Facebook

Ricerche e Progetti

logo RGR medio

  • Recuperare la rotta é il titolo del XVIII Rapporto «Giorgio Rota» su Torino, presentato il 7 ottobre alla Biblioteca Nazionale.

lpf logo

  • WP 5/2018 Sud e lotta alla povertà: le esperienze di reddito minimo in Campania e Basilicata

  • Il progetto

rescue logo

logo euvision

Biblioteca F. Guerrini

biblioteca guerrini

 Dotata di oltre 9.000 volumi, offre una documentazione unica in Italia sul pensiero liberale contemporaneo.