Collateral problems in the euro area

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The advent of the global financial crisis caused a severe collateral squeeze in the US in 2008, which was only partly relieved by prompt action by the Federal Reserve through its primary dealer credit, term securities lending and commercial paper funding facilities. The episode had profound macroeconomic consequences in the US and the rest of the world.2  The evidence is now emerging that the more recent euro area sovereign debt crisis has likewise caused a

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