When the ECB presented its OMT programme geared towards eliminating redenomination risk in the euro area, commentators like Paul Krugman applauded the decision, stating that by acting in effect as a lender of last resort to governments, the “ECB is finally doing its job as a central bank”.
Pentti Hakkarainen: Finnish economy – success, challenges and outlook Presentation by Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland, to the mission of the Wallonia Foreign Trade and Investment Agency, AWEX, Helsinki, 12 October 2016. * * * Original presentation is on the Bank of Finland’s website: Slides (PDF).