[15] See my discussion in Lane, P. R. (2019), “The yield curve and monetary policy”, public lecture for the Centre for Finance and the Department of Economics at University College London, 25 November.
Asserting the principle of liability is key to breaking the negative feedback loop between banks and sovereigns. The task is daunting, often tedious and sometimes sobering. But I am convinced that it can be done and that the euro’s best days are still ahead of us. Thank you for your attention. 4  BIS central bankers’ speeches