30 Aug '12, 10am

A Spanish bank run gathers pace

A Spanish bank run gathers pace

This is where the political economy of the eurozone comes into play. The great advantage of the Target2 payments is that – whatever the debate over whether it is “stealth bailout” or otherwise – the system appears automatic, and outside of direct EU-wide support. It is the national central banks that are financing the system; they bear the liabilities alone. But if those loans start to dry up, a turn has to be made to ECB support for banking systems – most likely through the ELA in the first instance. That, however, raises the spectre of European bailouts, and the vexed question of where liabilities for EU institutions – including the ECB – ultimately lie. The fatal weakness at the heart of the euro project – that it is a single currency without a single state, able to back up a single central bank – is once more exposed.

Full article: http://www.neweconomics.org/blog/2012/08/30/a-spanish-ban...

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