“Public money used to contain the crisis in 2009 amounted to about $23 trillion already. To save US and EU banks alone, their governments used $14 trillion, which could have funded 20 years worth of ELR programs in these economies. At the end of the day, an ELR will always be cheaper than a lender of last resort program; and we think it is at least just as important.”
Publications
- April 2015
- Policy Notes
- No. 105
