Response curve shaping of coupled dielectric resonators

The Law and Norms of the European Central Bank as Sovereign Lender of Last Resort: Crystallising Endogenous Authority

“…73 Stiglitz points out that when market actors refuse to lend, they have made a judgement that they will not be repaid and so, unavoidably, central banks pit their judgement against that of the market. 74 The problems associated with volatile asset valuation extend mutatis mutandis to a state in the throes of a sovereign debt crisis. 75 To summarise, although there were important legal differences between the central banks, prior to the introduction of the euro, all member states provided an implicit guarantee that their central bank was capable of acting as a lender of last resort in respect of their sovereign bonds.…”

“…7 of Protocol (No. 4)statute of the European System of Central Banks and of the European Central Bank (hereafter 'ESCB Statute').80The Bank goes on to say that 'An independent central bank, removed from the political decision-making process, is indeed in a better position to achieve the primary objective of price stability, as it can look ahead over a longer horizon, which politicians have short-term objectives in line with election cycles': ECB Monthly Bulletin, January 2010, p 74…”