(2010), “Curing Demotion Sickness", Morgan Stanley Research, and von Weizacker,  J. and Delpha, J. (2010), “The Blue Bond Proposal”, Bruegel Policy Brief, May. 25 For a different view, see for example de Grauwe, P. (2011), “Managing a Fragile Eurozone,” CESifo Forum, Vol. 12, No 2, pp. 40–45.
Gourinchas and Jeanne have argued that the trade-off between a higher interest rate and a higher inflation rate may still justify the central bank acting as lender of last resort to the government (see Gourinchas, P.O. and Jeanne, O. (2012), “Global Safe Assets”, Bank for International Settlements, Working Paper, No 399, December. 26 A conclusion which echoes Goodhart (1998, op. cit.).