A new toolkit for eurozone survival

Andrew Smithers

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Central banks managing a fiat currency must be able to print money. Even under the gold standard, countries had the options of suspension or devaluation. The Bank of Japan, the Bank of England and the Federal Reserve are owned by their governments whose bills and bonds they can buy and sell. They have no credit risk in doing so. They may appear to have a price risk if they buy long-dated bonds, but they are part of the government a

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