Martin Götz, Rainer Haselmann, Jan Pieter Krahnen, Sascha Steffen, 25 September 2015

Discussions continue in some circles as to whether the ECB’s emergency liquidity assistance for Greek banks is legitimate. This column assesses the underlying economics of the emergency liquidity assistance programme and the complex interrelationship between the EU, the ECB and the Greek banks. Economists must focus on the political economy of a monetary union with incomplete fiscal union if they are to understand what’s going on with emergency liquidity.

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