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Erschienen in:
2015 | OriginalPaper | Buchkapitel
The ECB’s Unconventional Measures Facing the Challenge of Markets and National Courts
verfasst von : Fabio Bassan, Carlo D. Mottura
Erschienen in: From Saviour to Guarantor
Verlag: Palgrave Macmillan UK
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One function that was originally supporting the market and later of acting as guarantor was carried out by the ECB, promptly converted from the ‘crutch’ of banks into the ‘lifeline’ of States. In fact, the guarantee system described above may only work if the risk borne by Member States is further transferred to other players. In the case of guarantees in favour of the States, the risk is transferred to the ESM fund — a subject of international law created with a specific Treaty — and the guarantor of last resort is (above all) the ECB, where the securities issued by the ESM fund may be lodged as collateral.