A new toolkit for eurozone survival

Andrew Smithers

Click here to view the full version of this article with tables.

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

To continue reading...

You must be signed in to use this feature.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: