1,753
Views
0
CrossRef citations to date
0
Altmetric
Research Articles

The political economy of monetary-fiscal coordination: central bank losses and the specter of central bankruptcy in Europe and Japan

ORCID Icon
Pages 1099-1121 | Received 02 Nov 2022, Accepted 09 Nov 2023, Published online: 28 Dec 2023

References

  • Ademuyiwa, I., Siklos, P. L., & St. Amand, S. (2018). Central Bank balance sheets and the interaction between monetary policy and financial stability (vol. 193). CIGI Papers.
  • Allen, W. A. (2017). Quantitative easing and the independence of the Bank of England. NIESR Policy Paper, 1, R65–R69.
  • Allen, W. A., Chadha, J. S., & Turner, P. (2021). Quantitative tightening: Protecting monetary policy from fiscal encroachment. National Institute Economic Review, 257, 1–8. https://doi.org/10.1017/nie.2021.27
  • Archer, D., & Moser-Boehm, P. (2013). Central bank finances. BIS Papers, 71, 1–89.
  • Bank for International Settlements (BIS). (2009). Issues in the governance of Central Banks: A report from the Central Bank Governance Group. BIS.
  • Bank of England. (2009). Court minutes – February-May 2009. Bank of England.
  • Bank of England. (2017a). Annual Report 2017. Bank of England.
  • Bank of England. (2017b). Asset purchase facility fund limited annual report and accounts 2017. Bank of England.
  • Bank of Japan. (2013a). Joint statement on overcoming deflation and achieving sustainable economic growth. Bank of England.
  • Bank of Japan. (2013b). Annual review 2013. Bank of England.
  • Bank of Japan. (2015). Financial statements for the first half of the 131st fiscal year/fiscal 2015. Bank of England.
  • Bank of Japan. (2016a). Accounting rules of the Bank of Japan.
  • Bank of Japan. (2016b). Annual review 2016. Bank of England.
  • Bank of Japan. (2016c). Financial statements for the 131st fiscal year/fiscal 2015. Bank of England.
  • Bank of Japan. (2018). Annual review 2018. Bank of England.
  • Bank of Japan. (2023). Annual review 2023. Bank of England.
  • Bartsch, E., Boivin, J., Fischer, S., Hildebrand, P., & Wang, S. (2019). Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination. In Macro and Market Perspectives (vol. 105). BlackRock Investment Institute.
  • Bateman, W., & van ‘t Klooster, J. (2023). The dysfunctional taboo: Monetary financing at the Bank of England, the Federal Reserve, and the European Central Bank. Review of International Political Economy, 1–25. https://doi.org/10.1080/09692290.2023.2205656
  • Bernanke, B. (1999). Japanese monetary policy: A case of self-induced paralysis? Paper prepared for presentation at ASSA. 9 January 2000.
  • Bernanke, B. (2015). Budgetary sleight-of-hand. Brookings blog. 9 November.
  • Bernanke, B. (2017). The Mayekawa lecture: Some reflections on Japanese Monetary Policy. Monetary and Economic Studies, 35 November.
  • Best, J. (2012). Bureaucratic ambiguity. Economy and Society, 41(1), 84–106. https://doi.org/10.1080/03085147.2011.637333
  • Best, J. (2019). The inflation game: Targets, practices and the social production of monetary credibility. New Political Economy, 24(5), 623–640. https://doi.org/10.1080/13563467.2018.1484714
  • Bibow, J. (2018). Unconventional monetary policies and central bank profits. IMK Studies, 62, 1–89. https://www.levyinstitute.org/pubs/wp_916.pdf
  • Binder, S., & Spindel, M. (2017). The myth of independence: How congress governs the federal reserve. Princeton University Press.
  • Bindseil, U., Manzanares, A., & Weller, B. (2004). The role of central bank capital revisited. ECB Working Paper, 392, 1–37.
  • Braun, B. (2016). Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing. Review of International Political Economy, 23(6), 1064–1092. https://doi.org/10.1080/09692290.2016.1252415
  • Braun, B., Di Carlo, D., Diessner, S., & Düsterhöft, M. (2022). Between governability and legitimacy: The ECB and structural reforms (pp. 1–36). SocArxiv.
  • Buetzer, S. (2022). Advancing the Monetary policy toolkit through outright transfers. IMF Working Paper, WP/22/87, 1–60.
  • Buiter, W. H. (2008). Can Central Banks go broke? CEPR Discussion Papers, 6827, 1–12.
  • Buiter, W. H. (2020). Central Banks as fiscal players: The drivers of fiscal and monetary policy space. Cambridge University Press.
  • Buiter, W. H. (2023). Price stability vs. financial stability? Project Syndicate, 20 March.
  • Buiter, W. H., & Rahbari, E. (2012). Looking into the deep pockets of the ECB. Citi Global Economics View, 27 February.
  • Bunea, D., Karakitsos, P., Merriman, N., & Studener, W. (2016). Profit distribution and loss coverage rules for Central Banks. ECB Occasional Paper, 169, 1–57.
  • Cagan, P. (1956). The Monetary dynamics of hyperinflation. In M. Friedman (Ed.), Studies in the quantity theory of money (pp. 25–117). University of Chicago Press.
  • Cargill, T. F. (2005). Is the Bank of Japan’s financial structure an obstacle to policy? IMF Staff Papers, 52(2), 311–334. https://doi.org/10.2307/30035901
  • Cecchetti, S. G., & Schoenholtz, K. L. (2015). Do central banks need capital? Money and Banking Blog, 21 May.
  • Chazan, G., & Arnold, M. (2023). Bundesbank may need recapitalisation to cover bond-buying losses. FT, 25 June.
  • Claveau, F., Fontan, C., Dietsch, P., & Dion, J. (2022). Central Banking and inequalities: Old tropes and new practices. In G. Vallet, S. Kappes, & L.-P. Rochon (Eds.), Central Banking, monetary policy and social responsibility (pp. 88–111). Edward Elgar.
  • Coggan, P. (2023). Deficits can matter, sometimes. FT, 26 July.
  • Cohen, B. (2017). The IPE of money revisited. Review of International Political Economy, 24(4), 657–680. https://doi.org/10.1080/09692290.2016.1259119
  • Conti-Brown, P. (2016). The power and independence of the federal reserve. Princeton University Press.
  • Coombs, N., & Thiemann, M. (2022). Recentering central banks: Theorizing state-economy boundaries as central bank effects. Economy and Society, 51(4), 535–558. https://doi.org/10.1080/03085147.2022.2118450
  • Cukierman, A. (2011). Central Bank finances and independence – how much capital should a CB have? In S. Milton & P. Sinclair (Eds.), The capital needs of Central Banks (pp. 33–46). Routledge.
  • de Boer, N., & Van ‘t Klooster, J. (2021). The ECB’s neglected secondary mandate: An inter-institutional solution. Positive Money Europe.
  • De Grauwe, P. (2013). The European Central Bank as lender of last resort in the government bond markets. CESifo Economic Studies, 59(3), 520–535. https://doi.org/10.1093/cesifo/ift012
  • De Grauwe, P. (2018). Economics of monetary union (12th ed.). Oxford University Press.
  • De Grauwe, P., & Ji, Y. (2023). Monetary policies without giveaways to banks. CEPR Discussion Paper, DP18103, 1–21.
  • De Lhoneux, E. (2006). The eurosystem. In Legal aspects of the European System of Central Banks: Liber Amicorium Paolo Zamboni Garavelli (pp. 161–178). European Central Bank.
  • De Nederlandsche Bank (DNB). (2022). On the capitalisation of central banks. DNB Occasional Studies, (20)4.
  • Del Negro, M., & Sims, C. A. (2015). When does a central bank’s balance sheet require fiscal support? Journal of Monetary Economics, 73, 1–19. https://doi.org/10.1016/j.jmoneco.2015.05.001
  • Dezernat Zukunft. (2020). To green or not to green? Das ist hier die Frage? Dezernat Zukunft.
  • Diessner, S. (2019). Essays in the political economy of Central Banking [PhD Thesis]. London School of Economics and Political Science.
  • Diessner, S. (2023). The power of folk ideas in economic policy and the central bank–commercial bank analogy. New Political Economy, 28(2), 315–328. https://doi.org/10.1080/13563467.2022.2109610
  • Diessner, S., & Genschel, P. (2022). The ECB during the COVID-19 and Eurozone crises: Supranational agency, de-commitment, and principal loss. Unpublished Manuscript, 1–21.
  • Diessner, S., & Lisi, G. (2020). Masters of the ‘masters of the universe’? Monetary, fiscal and financial dominance in the Eurozone. Socio-Economic Review, 18(2), 315–335. https://doi.org/10.1093/ser/mwz017
  • English, W. B., & Kohn, D. (2022). What if the Federal Reserve books losses because of its quantitative easing? Brookings up Front Blog, 1 June.
  • European Central Bank (ECB). (2010). ECB increases its capital. Press release. ECB.
  • European Central Bank (ECB). (2023). Introductory statement to the press conference. European Central Bank (ECB). 27 July.
  • Financial Times (FT). (2010). Mystery, chicken, and the ECB’s capital increase. FT, 17 December.
  • Fontan, C. (2018). Frankfurt’s double standard: The politics of the European Central Bank during the Eurozone crisis. Cambridge Review of International Affairs, 31(2), 162–182. https://doi.org/10.1080/09557571.2018.1495692
  • Fry, M. J. (1992). Can a central bank go bust? The Manchester School, 60(S1), 85–98. https://doi.org/10.1111/j.1467-9957.1992.tb01462.x
  • Fueda-Samikawa, I., & Takano, T. (2018). The BOJ’s monetary policy dilemma. Japan Center for Economic Research Report, 38, 1–35.
  • Fujiki, H., & Tomura, H. (2017). Fiscal cost to exit quantitative easing: The case of Japan. Japan and the World Economy, 42(C), 1–11. https://doi.org/10.1016/j.japwor.2017.02.003
  • Fujiki, H., Okina, K., & Shiratsuka, S. (2001). Monetary policy under zero interest rate: Viewpoints of central bank economists. BOJ-IMES Monetary and Economic Studies, 19(1), 89–130.
  • Fukui, T. (2003, June 1). Challenges for monetary policy in Japan [Paper presentation]. Speech at the Spring Meeting of the Japan Society of Monetary Economics on the Occasion of its 60th Anniversary, Tokyo.
  • Gabor, D. (2014). Learning from Japan: The European Central Bank and the European sovereign debt crisis. Review of Political Economy, 26(2), 190–209. https://doi.org/10.1080/09538259.2014.881010
  • Gabor, D. (2016). The (impossible) repo trinity: The political economy of repo markets. Review of International Political Economy, 23(6), 967–1000. https://doi.org/10.1080/09692290.2016.1207699
  • Gabor, D. (2018). Why shadow banking is bigger than ever. Jacobin Magazine, November.
  • Gabor, D. (2022). Zugzwang central banking (ECB edition). FT, 8 September.
  • Gabor, D. (2023). The (European) derisking state. Stato e mercato, 1/2023, 53–84.
  • Gabor, D., & Ban, C. (2016). Banking on bonds: The new links between states and markets. JCMS: Journal of Common Market Studies, 54(3), 617–635. https://doi.org/10.1111/jcms.12309
  • Galí, J. (2020). The effects of a money-financed fiscal stimulus. Journal of Monetary Economics, 115, 1–19. https://doi.org/10.1016/j.jmoneco.2019.08.002
  • Genschel, P., & Tesche, T. (2020). Supranational agents as de-commitment devices: The ECB during the Eurozone Crisis. Amsterdam Centre for European Studies Research Paper, 2020/02, 1–20.
  • Gilchrist, S., Wei, B., Yue, V. Z., & Zakrajšek, E. (2021). The fed takes on corporate credit risk: An analysis of the efficacy of the SMCCF. BIS Working Papers, 963, 1–43.
  • Giles, C. (2022). Treasury bails out BoE for first losses on QE programme. FT, 22 November.
  • Goncharov, I., Ioannidou, V., & Schmalz, M. (2023). (Why) Do central banks care about their profits? The Journal of Finance, 78(5), 2991–3045. https://doi.org/10.1111/jofi.13257
  • Goodhart, C. A. E. (1998). The two concepts of money: Implications for the analysis of optimal currency areas. European Journal of Political Economy, 14(3), 407–432. https://doi.org/10.1016/S0176-2680(98)00015-9
  • Goodhart, C. A. E., & Pradhan, M. (2021). What may happen when central banks wake up to more persistent inflation? VoxEU, 25 October.
  • Goodhart, L. (2015). Brave new world? Macroprudential policy and the new political economy of the Federal Reserve. Review of International Political Economy, 22(2), 280–310. https://doi.org/10.1080/09692290.2014.915578
  • Hall, R. E., & Reis, R. (2015). Maintaining central-bank financial stability under new-style central banking. NBER Working Paper, 21173.
  • Hauser, A. (2022). Thirteen days in October: How central bank balance sheets can support monetary and financial stability. Bank of England.
  • Helmke, G., & Levitsky, S. (2004). Informal institutions and comparative politics: A research agenda. Perspectives on Politics, 2(4), 725–740.
  • HM Treasury. (2018). Financial relationship between HM treasury and the Bank of England. HM Treasury.
  • Honohan, P. (2018). Real and imagined constraints on euro area monetary policy. PIIE Working Paper.
  • Illing, G., & König, P. (2014). The European Central Bank as lender of last resort. DIW Economic Bulletin, 9, 16–28.
  • Jackson, J., & Bailey, D. (2023). ‘Facilitating the transition to net zero’ and institutional change in the Bank of England: Perceptions of the environmental mandate and its policy implications within the British state. The British Journal of Politics and International Relations, 1–18. https://doi.org/10.1177/13691481231189382
  • Jeanne, O., & Svensson, L. E. O. (2004). Credible commitment to optimal escape from a liquidity trap: The role of the balance sheet of an independent Central Bank. IMF Working Papers, 4(162), 1. https://doi.org/10.5089/9781451857900.001
  • Johnson, J. (2016). Priests of prosperity: How Central bankers transformed the postcommunist world. Cornell University Press.
  • Kachur, I., Lepushynskyi, V., & Zammit, R. (2016). The NBU’s balance sheet: before, during, and after the crisis. Visnyk of the National Bank of Ukraine, (237), 6–19. https://doi.org/10.26531/vnbu2016.237.006
  • Kammer, A. (2022). Pulling together, virtuously. Remarks at Banka Slovenije Anniversary Conference. 11 May.
  • Kaya, A. (2022). The Federal Reserve’s move to an explicit inflation target: Incremental policy shifts in techno-political institutions. Review of International Political Economy, 29(5), 1625–1649. https://doi.org/10.1080/09692290.2021.1934073
  • Kim, H. (2023). Monetary technocracy and democratic accountability: How central bank independence conditions economic voting. Review of International Political Economy, 30(3), 939–964. https://doi.org/10.1080/09692290.2022.2058981
  • King, M. A. (2004, January 12). The institutions of monetary policy [Paper presentation]. The Ely Lecture. Speech at the AEA Annual Meeting, San Diego.
  • Krugman, P. R., Dominquez, K. M., & Rogoff, K. (1998). It’s Baaack! Japan’s slump and the return of the liquidity trap. Brookings Papers on Economic Activity, 1998(2), 137–187. https://doi.org/10.2307/2534694
  • Lindberg, E., & Ronkainen, A. (2023). Central-bank independence: The beginning of the end? Social Europe, 23 November.
  • Lombardi, D., & Moschella, M. (2015). The institutional and cultural foundations of the Federal Reserve’s and ECB’s non-standard policies. Stato e Mercato, 35(1), 127–152.
  • Mabbett, D., & Schelkle, W. (2019). Independent or lonely? Central banking in the crisis. Schizophrenia Research, 264(3), 29–38. https://doi.org/10.1080/09692290.2018.1554539
  • Maduro, M., Martin, P., Piris, J.-. C., Pisani-Ferry, J., Reichlin, L., Steinbach, A., & Weder di Mauro, B. (2021). Revisiting the EU framework: Economic necessities and legal options. CEPR Policy Insight, 114, 1–28.
  • McCubbins, M., Noll, R., & Weingast, B. R. (1989). Structure and process, politics and policy: Administrative arrangements and the political control of agencies. Virginia Law Review, 75(2), 431–482. https://doi.org/10.2307/1073179
  • Meltzer, A. H. (1999). Response: What more can the Bank of Japan do? BOJ-IMES Monetary and Economic Studies, 17(3), 9–12.
  • Milton, S., & Sinclair, P. (2011). The capital needs of Central Banks. Routledge.
  • Moller-Nielsen, T. (2022). Belgium’s National Bank to record first loss since World War Two. Brussels Times, 7 December.
  • Monnet, E. (2018). Controlling credit: Central banking and the planned economy in postwar France, 1948-1973. Cambridge University Press.
  • Moschella, M. (2015). Currency wars in the advanced world: Resisting appreciation at a time of change in central banking monetary consensus. Review of International Political Economy, 22(1), 134–161. https://doi.org/10.1080/09692290.2013.869242
  • Moschella, M. (2024). Unexpected revolutionaries: How Central banks made and unmade economic orthodoxy. Cornell University Press.
  • Muguruma, N. (2018). Is the Bank of Japan technically insolvent? dangers involved in long-term deterioration of BoJ financial position. Discuss Japan – Japan Foreign Policy Forum, 43, 1–9.
  • Murau, S. (2017). Shadow money and the public money supply: The impact of the 2007–2009 financial crisis on the monetary system. Review of International Political Economy, 24(5), 802–838. https://doi.org/10.1080/09692290.2017.1325765
  • Musthaq, F. (2023). Unconventional central banking and the politics of liquidity. Review of International Political Economy, 30(1), 281–306. https://doi.org/10.1080/09692290.2021.1997785
  • Nikkei Asian Review. (2015). BOJ Announces Plan to Shield its Balance Sheet. Nikkei Economy, 13 November.
  • Norrlof, C. (2017). The international political economy of money, macro-money theories and methods. Review of International Political Economy, 24(4), 718–736. https://doi.org/10.1080/09692290.2017.1355332
  • Onaran, Ö. (2022, December 2—3). The political economy of the cost of living crisis in the UK: What is to be done? [Paper presentation]. PERI Conference Global Inflation Today Working Paper, Amherst, MA.
  • Orphanides, A. (2018). The boundaries of central bank independence: Lessons from unconventional times. BOJ-IMES Monetary and Economic Studies, 36, 35–56.
  • Papadia, F., Claeys, G., & Chiacchio, F. (2018). Should we care about Central Bank profits? Bruegel Policy Contribution, 13 September 2018.
  • Park, G., Cheung, G., & Katada, S. N. (2022). Asymmetric incentives and the new politics of monetary policy. Socio-Economic Review, 20(2), 733–757. https://doi.org/10.1093/ser/mwaa045
  • Park, G., Katada, S. N., Chiozza, G., & Kojo, Y. (2018). Taming Japan’s deflation: The debate over unconventional monetary policy (Cornell studies in money). Cornell University Press.
  • Pinter, J. (2018). Does central bank financial strength really matter for inflation? The key role of the fiscal support. Open Economies Review, 29(5), 911–952. https://doi.org/10.1007/s11079-018-9496-x
  • Politi, J., & Platt, E. (2020). Investors fret over future of Fed crisis lending. FT, 21 November.
  • Pollack, M. A. (1997). Delegation, agency, and agenda setting in the European Community. International Organization, 51(1), 99–134. https://doi.org/10.1162/002081897550311
  • Posen, A. S. (1995). Declarations are not enough: Financial sector sources of Central Bank independence. In B. Bernanke & J. Rotemburg (Eds.), NBER macroeconomics annual. 1995 (pp. 253–274). MIT Press. https://doi.org/10.1086/654279
  • Posen, A. S. (2012). Central Bankers: Stop dithering. do something. New York Times, 20 November.
  • Posen, A. S. (2017, September 28–29). In the fray, not above it – Observations on the global history of Central Bank independence [Paper presentation]. Presentation given at the Bank of England Conference ‘Independence: 20 Years On’, London.
  • Quaglia, L., & Verdun, A. (2023). Explaining the response of the ECB to the COVID-19 related economic crisis: Inter-crisis and intra-crisis learning. Journal of European Public Policy, 30(4), 635–654. https://doi.org/10.1080/13501763.2022.2141300
  • Rademacher, I. (2022). One state, one interest? How a historic shock to the balance of power of the Bundesbank and the German government laid the path for fiscal austerity. Review of International Political Economy, 29(6), 1987–2009. https://doi.org/10.1080/09692290.2021.1953109
  • Rajan, R. (2012). The only game in town. Project Syndicate, 19 October.
  • Reichlin, L., Adam, K., McKibbin, W. J., McMahon, M., Reis, R., Ricco, G., & Weder di Mauro, B. (2021). The ECB strategy: The 2021 review and its future. CEPR Press.
  • Reis, R. (2015). Different types of Central Bank insolvency and the central role of seignorage. NBER Working Paper, 21226.
  • Rolander, N. (2023). Sweden’s Central bank needs more than $7 billion to cover losses. Bloomberg, 24 October.
  • Rostagno, M., Altavilla, C., Carboni, G., Lemke, W., Motto, R., Saint Guilhem, A., & Yiangou, J. (2019). A tale of two decades: The ECB’s monetary policy at 20. ECB Working Paper, 2346, 1–338.
  • Ryan-Collins, J., & Van Lerven, F. (2018). Bringing the helicopter to ground: A historical review of fiscal-monetary coordination to support economic growth in the 20th century. UCL IIPP Working Paper. 2018–2008.
  • Sahasrabuddhe, A. (2019). Drawing the line: The politics of federal currency swaps in the global financial crisis. Review of International Political Economy, 26(3), 461–489. https://doi.org/10.1080/09692290.2019.1572639
  • Sandbu, M. (2018). The Bank of England future-proofs itself. FT, 26 June.
  • Schelkle, W. (2017). The political economy of monetary solidarity: Understanding the Euro experiment. Oxford University Press.
  • Scheller, H. K. (2006). The European Central Bank: History, role and functions. Second Revised. European Central Bank.
  • Schonhardt-Bailey, C. M. (2013). Deliberating American monetary policy: A textual analysis. MIT Press.
  • Schulz, D. F. (2017). Too little, too late? How central bankers’ beliefs influence what they do [PhD thesis]. European University Institute.
  • Schwarz, C., Karakitsos, P., Merriman, N., & Studener, W. (2014). Why accounting matters: A Central Bank perspective. ECB Occasional Paper, 153, 1–35.
  • Sims, C. (2004). Fiscal aspects of Central Bank independence. In H. Sinn, M. Widgren, & M. Kothenburger (Eds.), European monetary integration (pp. 103–120). MIT Press.
  • Smialek, J. (2023). Limitless: The federal reserve takes on a new age of crisis. Penguin Random House.
  • Smith, C., & Fox, B. (2020). Fraction of fed lending facilities have been tapped so far. FT, 28 May.
  • Stella, P. (2005). Central Bank financial strength, transparency, and policy credibility. IMF Staff Papers, 52(2), 335–365. https://doi.org/10.2307/30035902
  • Stone, R. W. (2011). Controlling institutions: International organizations and the global economy. Cambridge University Press.
  • Strauss, D. (2023). UK government faces £150bn bill to cover Bank of England’s QE losses. FT, 25 July.
  • Takahashi, W. (2017, October 2). Central Bank independence under changing environment [Paper presentation]. Paper presented at Bruegel-Kobe University Conference on ‘Europe and Japan: Monetary Policies in the Age of Uncertainty’, Kobe.
  • Tankus, N. (2020). A quarter of the 2 trillion dollar ‘stimulus’ bill is devoted to a useless accounting gimmick. Notes on the Crises Blog, 25 March.
  • Tooze, A. (2021). Shutdown: How covid shook the world’s economy. Penguin Random House.
  • Treeck, J. (2022). Fallen heroes: Central banks face credibility crisis as losses pile up. Politico, 1 December.
  • Tucker, P. (2004, July 28). Managing the Central Bank’s balance sheet: Where monetary policy meets financial stability [Paper presentation]. Lecture given at Lombard Street Research, London.
  • Ueda, K. (2003, October 25). The role of capital for Central Banks [Paper presentation]. Speech at the Autumn Annual Meeting of the Japan Society of Monetary Economics, Hikone.
  • Vaez-Zadeh, R. (1991). Implications and remedies of Central Bank losses. In P. Downes & R. Vaez-Zadeh (Eds.), The evolving role of Central Banks (pp. 69–92). International Monetary Fund.
  • Van Doorslaer, H., & Vermeiren, M. (2021). Pushing on a string: Monetary policy, growth models and the persistence of low inflation in advanced capitalism. New Political Economy, 26(5), 797–816. https://doi.org/10.1080/13563467.2020.1858774
  • Van Riet, A. (2017). Monetary policy stretched to the limit: How could governments support the European Central Bank? ADEMU Working Paper, 75, 1–27.
  • Vermeiren, M. (2019). Meeting the world’s demand for safe assets? Macroeconomic policy and the international status of the euro after the crisis. European Journal of International Relations, 25(1), 30–60. https://doi.org/10.1177/1354066117744030
  • Wall Street Journal (WSJ). (2010). ECB seeks funds for capital base. WSJ Online, 16 December.
  • Wansleben, L. (2023). Growth models and central banking: Dominant coalitions, organizational sense-making, and conservative policy innovations at the Bundesbank and Fed. Review of International Political Economy, 1–25. https://doi.org/10.1080/09692290.2023.2175710
  • Whelan, K. (2012). TARGET2 and Central Bank balance sheets. Unpublished Manuscript, 1–45.
  • Woll, C. (2014). The power of inaction: Bank bailouts in comparison. Cornell University Press.