John Thomas Financial Chief Economist Issues Analysis on Eurozone Crisis
Mike Norman: All Quiet as ECB Continues to "Write the Check"
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 07/19/12 -- Chief Economist issued an analysis on the Eurozone crisis, the firm announced today. The in-depth op-ed suggests that Europe would survive for as long as the European Central Bank continues to supply euro denominated liquidity.
"The reason this is all true is simple," Norman writes in the piece. "The ECB is the sole issuer of the euro; all the other nation states of the Eurozone, including Germany, are currency users and as such are limited in the amount of spending and/or monetary aid they could provide to anyone else."
Norman believes that despite the ECB's reluctance to continue funding the system and, in effect, national governments, it will continue to "write the check" because failure to do so would have far-reaching, detrimental effects that the ECB is not willing to risk.
Failure to [continue supplying liquidity] would cause the ECB to lose control of its target interest rate, and more importantly, it would risk an almost certain failure of the Eurozone banking system, which would undoubtedly send the entire global economy into a depression. The ECB knows this and it was an important part of their reason for acting over and over again, however reluctantly, to keep the whole system from falling apart.
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Datum: 19.07.2012 - 11:54 Uhr
Sprache: Deutsch
News-ID 166821
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