Crisis calls for revision of LOLR role: economists

Central banks must broaden their remit as lenders of last resort in the wake of the crisis, two economists who advise central banks have said.

Xavier Freixas, a professor at Universitat Pompeu Fabia in Barcelona, and a sometime consultant to the New York Federal Reserve and the European Central Bank (ECB), and Bruno Parigi, a professor at the University of Padova who has held visiting positions at the ECB, and argue the traditional definition of lender of last resort no longer suffices.

The c

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