In the meantime, the bank can't even serve as Zimbabwe's lender of last resort.
In effect, he turned the ECB into a lender of last resort for governments.
Remember they weren't supposed to be playing the "lender of last resort" for hard-pressed Eurozone governments.
The Federal Reserve was set up in 1913 to act as lender of last resort.
So the pressure mounts on Germany to agree to the ECB becoming the lender of last resort.
But its reserves aren't nearly enough to make the organization a true global lender of last resort.
She is against allowing the ECB to become the lender of last resort, aka printer of money.
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From the touch line he urges the European Central Bank to act as lender of last resort.
Also, a classic currency board, unlike a central bank, cannot act as a lender of last resort.
Urge the European Central Bank (ECB) to be lender of last resort to vulnerable sovereigns like Italy?
As a second cushion against a liquidity crisis, the central bank acts as lender of last resort.
The global crisis also re-established the crucial role that central banks play as lender of last resort.
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No doubt the world needs a formidable lender of last resort, for which the IMF seems best suited.
Moreover, the ECB remains adamant that it cannot intervene as the lender of last resort to euro-zone sovereigns.
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Does this mean that the ECB is ruling out acting as a "lender of last resort" for the eurozone?
Morgan in the pre-Fed era, the Fed was the lender of last resort.
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The Fed is the lender of last resort, not a wholesale tinkering machine.
The Federal Reserve was created to serve as a lender of last resort.
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An even bigger concern is: who will be the lender of last resort?
Depending on your definition of "lender of last resort", my answers to that question are: yes, no and not yet.
However, there are two ways that the ECB could allow such a lender of last resort to come into existence.
That can be dealt with in the normal manner of the central bank acting as a lender of last resort.
The euro's design was flawed, without fiscal integration or a central bank to act as a lender of last resort.
Meanwhile, pressure is mounting on the Germans to allow the European Central Bank to become the lender of last resort.
And even then, don't expect him to ride in on a white charger labelled "lender of last resort to governments".
The Fed acted not in competition with the private sector but as a lender of last resort during an extreme emergency.
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The fundamental public-private conflict of the GSEs means the taxpayer will always be lender of last resort to these quasi-public organizations.
We have long argued that the single currency needs a lender of last resort, a banking union and limited debt mutualisation.
Whereas a currency union has a central bank to act as lender of last resort, a country with a currency board does not.
Iceland and Cyprus have discovered how painful it is to have a banking system without such a deep pocket lender of last resort.
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