Question: Define and discuss the role of the European central bank (ECB) in the euro
sovereign crisis. Is the policy followed by the ECB optimal for all Eurozone members or
does it favour certain countries in the Eurozone at the expense of others?
The group essay should review the literature and include country examples as well as
Buiter, W. H. and Rahbari, E. (2012) 'The ECB as Lender of Last Resort for Sovereigns in
the Euro Area', Discussion Paper Series, International Macroeconomics(8974), pp.
Granville, B (2013) Remembering Inflation, Princeton University Press.
Fratzscher, M., Lo Duca, M. and Straub, R. (2016) 'ECB Unconventional Monetary
Policy: Market Impact and International Spillovers', IMF Economic Review, 64(1),
Kang, Y.-D. (2015) 'Policy Responses of the ECB in Managing
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