Questions of credibility in the Eurozone and China

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Greece’s possible exit from the Eurosystem and the Chinese stock market crash have raised concerns about the respective roles of the state and central banks in the financial and economic system. Some of the intricate challenges presented by Greece are documented in this edition by former Czech National Bank deputy governor, Ludek Niedermayer, who details the difficulties presented by the role of lender of last resort in the Eurosystem; and by former International Monetary Fund veteran Warren

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