The ECB, the EFSF and the ESM - Roles, Relationships and Challenges

15-12-2011

The ECB has been an active and vocal institution in the crisis response in the EU. With its non-standard monetary policy operations, it has upheld wide scale emergency support for the banking system. Whatever the final design of the amended EFSF and also ESM may look like, it will have an influence of the role of the ECB. In this compilation of four notes provided by members of the Monetary Expert Panel the roles, relationships and challenges between the ECB, the EFSF and ESM are examined in more detail.

The ECB has been an active and vocal institution in the crisis response in the EU. With its non-standard monetary policy operations, it has upheld wide scale emergency support for the banking system. Whatever the final design of the amended EFSF and also ESM may look like, it will have an influence of the role of the ECB. In this compilation of four notes provided by members of the Monetary Expert Panel the roles, relationships and challenges between the ECB, the EFSF and ESM are examined in more detail.

Vanjski autor

Charles WYPLOSZ, Graduate Institute of International and Development Studies, Geneva Stefan COLLIGNON, Scuola Superiore Sant'Anna, Pisa and Centro Europa Ricerche (CER), Rome Daniel GROS, Director, CEPS and Thomas MAYER Ansgar BELKE, DIW Berlin and University of Duisburg-Essen