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Can the European Central Bank legally act as lender of last resort to ensure the survival of the euro? This question is of fundamental importance for the sustainability of the monetary union. Recently, the German Constitutional Court ruled that it cannot. In the court’s view the ECB has the power to conduct monetary policy, but not to support member states in financial distress even if necessary to ensure the survival of the common currency.

German Court decision: Legal authority and deep power implications | vox

 Det förefaller som om det var Fed och inte ECB som ställde upp som Lender of Last Resort för de europeiska bankerna
som professor Pelotard har viskat i mitt öra.

The Fed's $600 Billion Stealth Bailout Of Foreign /European/ Banks Continues
At The Expense Of The Domestic Economy, Or Explaining Where All The QE2 Money Went
Many speculated that the US central bank would primarily focus its "rescue" efforts on US banks,

not US-based (or local branches) of foreign (read European) banks:
after all that's what the ECB is for. 

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