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- proper n. the Central bank for the European Union, administering the monetary policy of the 17 EU Eurozone member states
Sorry, no etymologies found.
The development came after Angela Merkel, the German chancellor, stepped up the pressure on the European Central Bank ECB to overlook its ban on accepting defaulted bonds as collateral for loans, as the chancellor sought to remove a significant roadblock to the latest Greek rescue package.
On the borrowing side, Mr. Frankel suggests the European Central Bank automatically stop accepting a country's bonds as collateral if its budget deficit or government debts exceed a certain level.