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  80. “Fast Facts: $600 Billion Treasury Large-Scale Asset Purchase Program,” Federal Reserve Bank of New York, www.newyorkfed.org/markets/fast_facts_lsap.html.

  81. Jean-Claude Trichet and Vítor Constâncio, “Introductory Statement with Q&A,” European Central Bank, November 4, 2010, www.ecb.europa.eu/press/pressconf/2010/html/is101104.en.html.

  82. Ibid.

  83. Jean-Claude Trichet, “Reflections on the Nature of Monetary Policy Non-Standard Measures and Finance Theory” (opening address, ECB Central Banking Conference, Frankfurt, November 18, 2010), www.ecb.europa.eu/press/key/date/2010/html/sp101118.en.html.

  84. “The European Stability Mechanism,” ECB Monthly Bulletin, July 2011, 71–84, www.ecb.europa.eu/pub/pdf/other/art2_mb201107en_pp71-84en.pdf.

  85. “Unemployment Rates,” Economist, December 30, 2008, www.economist.com/node/12863599.

  86. Stefano Scarpetta, Anne Sonnet, and Thomas Manfredi, “Rising Youth Unemployment During the Crisis: How to Prevent Negative Long-Term Consequences on a Generation?” (OECD Social, Employment and Migration Papers, No. 106, Organisation for Economic Co-operation and Development, Paris, April 14, 2010), www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=DELSA/ELSA/WD/SEM(2010)6&doclanguage=en.

  87. Jean-Claude Trichet and Vítor Constâncio, “Introductory Statement with Q&A,” European Central Bank, March 3, 2011, www.ecb.europa.eu/press/pressconf/2011/html/is110303.en.html.

  88. “Statement of G7 Finance Ministers and Central Bank Governors” (press release), European Central Bank, March 18, 2011, www.ecb.europa.eu/press/pr/date/2011/html/pr110318.en.html.

  89. Hannah Smith, “Trichet Defends ECB Rate Increase Ahead of Portugal Talks,” Investment Week, April 8, 2011, https://www.investmentweek.co.uk/investment-week/news/2041981/trichet-defends-ecb-rate-increase-ahead-portugal-talks.

  90. “Eurozone Interest Rates Raised to 1.25% by ECB,” BBC News, April 7, 2011, www.bbc.com/news/business-12997333.

  91. Jean-Claude Trichet and Vítor Constâncio, “Introductory Statement with Q&A,” European Central Bank, April 7, 2011, www.ecb.europa.eu/press/pressconf/2011/html/is110407.en.html.

  92. Ibid.

  93. Joe Rauch, “Big Banks Are Government-Backed: Fed’s Hoenig,” Reuters, April 12, 2011, www.reuters.com/article/us-fed-hoenig-idUSTRE73B3S820110412.

  94. Text of Obama speech on the deficit, Washington Wire (blog), Wall Street Journal, April 13, 2011, http://blogs.wsj.com/washwire/2011/04/13/text-of-obama-speech-on-the-deficit/.

  95. James Politi, “World Bank Sees End to Dollar’s Hegemony,” Financial Times, May 17, 2011.

  96. Ibid.

  97. Jean-Claude Trichet and Vítor Constâncio, “Introductory Statement with Q&A,” European Central Bank, June 9, 2011, www.ecb.europa.eu/press/pressconf/2011/html/is110609.en.html.

  98. Ibid.

  99. Statement by the Heads of State or Government of the Euro Area and EU Institutions (Brussels: Council of the European Union, July 21, 2011), www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/123978.pdf.

  100. “ECB ‘to Act’ over Eurozone Debt Crisis,” BBC News, August 8, 2011, www.bbc.com/news/business-14439224.

  101. James Mackenzie, “Berlusconi Has Ceded Power to ECB—Italy Opposition,” Reuters, August 8, 2011, http://uk.reuters.com/article/uk-italy-crisis-idUKTRE7771ZI20110808.

  102. “Lagarde Begins 1st Day as Head of IMF,” CNN, July 5, 2011, http://edition.cnn.com/2011/BUSINESS/07/05/imf.lagarde/.

  103. Jean-Claude Trichet and Vítor Constâncio, “Introductory Statement with Q&A,” European Central Bank, July 7, 2011, www.ecb.europa.eu/press/pressconf/2011/html/is110707.en.html.

  104. “Highlights—Trichet Comments at ECB News Conference,” Reuters, July 7, 2011, http://in.reuters.com/article/ecb-rates-highlights-idINECBNEWS20110707.

  105. “Italy—Staff Report for the 2011 Article IV Consultation; Informational Annex; Public Information Notice; Statement by the Staff Representative; and Statement by the Executive Director for Italy” (IMF Country Report No. 11/173, International Monetary Fund, Washington, DC, July 2011), www.imf.org/external/pubs/ft/scr/2011/cr11173.pdf.

  106. Matthew Price, “Fears over Italy’s Debt Persist,” BBC News, July 12, 2011, www.bbc.com/news/world-europe-14117326.

  107. Jean-Claude Trichet, confidential letter to José Luis Rodríguez Zapatero (photocopy), El País (Madrid), August 5, 2011, http://ep00.epimg.net/descargables/2013/11/27/2b10649fe77a0775a23fb7eb465ab974.pdf.

  108. Claudi Pérez, “Who’s in Charge in Spain?” El País (Madrid), December 2, 2013, http://elpaís.com/elpaís/2013/12/02/inenglish/1386001836_310579.html.

  109. John Lichfield, “Jean-Claude Trichet: The Guardian of the Euro,” Independent (London), August 5, 2011, www.independent.co.uk/news/people/profiles/jean-claude-trichet-the-guardian-of-the-euro-2332716.html.

  110. Jana Randow, Jeannine Aversa, and Scott Lanman, “Central Bankers Race to Protect Growth in 72 Hours of Crisis,” Bloomberg, August 11, 2011, www.bloomberg.com/news/articles/2011-08-10/central-bankers-become-tower-of-strength-amid-debt-turmoil.

  111. Jeff Black, “ECB Coordinates with Fed to Lend Dollars to Euro-Area Banks,” Bloomberg, September 15, 2011, www.bloomberg.com/news/articles/2011-09-15/ecb-coordinates-with-federal-reserve-in-lending-dollars-to-euro-area-banks.

  112. Louise Armitstead and Jonathan Russell, “Christine Lagarde: IMF May Need Billions in Extra Funding,” Telegraph (London), September 25, 2011, www.telegraph.co.uk/finance/financialcrisis/8788223/Christine-Lagarde-IMF-may-need-billions-in-extra-funding.html.

  113. Binyamin Appelbaum, “Europe Seeks to Ratchet Up Effort on Debt,” New York Times, September 24, 2011, www.nytimes.com/2011/09/25/business/geithner-tells-europe-it-must-work-together-on-debt-crisis.html.

  114. Armitstead and Russell, “Christine Lagarde: IMF May Need Billions in Extra Funding.”

  115. Christian E. Weller, “December 2011,” Center for American Progress, December 13, 2011, www.americanprogress.org/issues/economy/news/2011/12/13/10825/economic-snapshot-for-december-2011/.

  116. “Italy’s Sovereign Debt Rating Cut by S&P on Growth Fear,” BBC News, September 20, 2011, www.bbc.co.uk/news/business-14981718.

  117. “Italy Profile—Timeline,” BBC News, December 14, 2016, www.bbc.co.uk/news/world-europe-17435616.

  118. Robert Winnett, “Collapse of Euro Could Pose Threat to Peace, Says Angela Merkel,” Telegraph (London), October 26, 2011, www.telegraph.co.uk/news/worldnews/europe/germany/8851912/Merkel-wins-rescue-fund-vote-after-raising-spectre-of-war.html.

  119. www.reuters.com/article/us-greece-referendum-idUSTRE79U5PQ20111102.

  120. Helena Smith, “Eurozone Crisis: Greek PM George Papandreou to Resign,” Guardian (Manchester), November 6, 2011, www.theguardian.com/world/2011/nov/06/greece-george-papandreou.

  121. Paola Di Caro, “Berlusconi: impegni vincolanti Se serve metteremo la fiducia,” Corriere Della Sera, October 30, 2011, www.corriere.it/politica/11_ottobre_30/Berlusconi-impegni-vincolanti-Se-serve-metteremo-la-fiducia_13100140-02cf-11e1-8566-f96c33d2415f.shtml.

  122. Jack Ewing, “European Central Bank, Under New Chief, Cuts Key Rate,” New York Times, November 3, 2011, www.nytimes.com/2011/11/04/business/global/european-central-bank-cuts-rates-hoping-to-avert-downturn.html

  123. “Change of Presidency of the European Central Bank” (press release), European Central Bank, November 1, 2011, www.ecb.europa.eu/press/pr/date/2011/html/pr111101.en.html.

  124. Landon Thomas Jr. and Jack Ewing, “Can Super Mario Save the Day for Europe?” New York Times, October 29, 2011, www.nytimes.com/2011/10/30/business/mario-draghi-into-the-eye-of-europes-financial-storm.html.

  125. “Monetary Policy Decisions” (press release), European Central Bank, November 3, 2011, www.ecb.europa.eu/press/pr/date/2011/html/pr111103.en.html.

  126. “Forex—Euro Falls to Fresh Session Low vs Dollar,” Reuters, November 23, 2011, www.reuters.com/article/markets-forex-idUSN1E7AM0OR20111123.

  127.
“The President of the European Central Bank: Mario Draghi,” European Central Bank, www.ecb.europa.eu/ecb/orga/decisions/html/cvdraghi.en.html.

  128. Leon Mangasarian, “New Greek Premier Papademos Must Save Country’s Euro Membership,” Bloomberg, November 10, 2011, www.bloomberg.com/news/articles/2011-11-10/papademos-who-took-greece-into-euro-must-now-save-country-s-mem bership.

  129. Catarina Saraiva, “Dollar Status Grows as Foreign Banks Double Deposits at Fed,” Bloomberg, November 21, 2011, www.bloomberg.com/news/articles/2011-11-21/dollar-preeminence-grows-as-foreign-banks-double-deposits-at-new-york-fed.

  130. “Coordinated Central Bank Action to Address Pressures in Global Money Markets” (press release), European Central Bank, November 30, 3011, www.ecb.europa.eu/press/pr/date/2011/html/pr111130.en.html.

  131. Matthew Holehouse, “ECB’s Draghi: We Need Fiscal Union, Not Bank Intervention,” Telegraph (London), December 1, 2011, www.telegraph.co.uk/finance/financialcrisis/8927918/ECBs-Draghi-We-need-fiscal-union-not-bank-intervention.html.

  132. Jackie Calmes, “Spotlight Fixed on Geithner, a Man Obama Fought to Keep,” New York Times, November 12, 2011, www.nytimes.com/2011/11/13/us/politics/spotlight-fixed-on-geithner-a-man-obama-fought-to-keep.html.

  133. Zachary A. Goldfarb and Neil Irwin, “US Officials Quietly Cajole European Leaders on Debt Crisis,” Washington Post, December 6, 2011, www.washingtonpost.com/business/economy/us-officials-quietly-cajole-european-leaders-on-debt-crisis/2011/12/06/gIQAywMxaO_story.html.

  134. David Lawder, “Geithner to Add US Weight to Euro Zone Talks,” Reuters, December 6, 2011, www.reuters.com/article/us-eurozone-usa-geithner/geithner-to-add-u-s-weight-to-euro-zone-talks-idUSTRE7B50GG20111206.

  135. Ibid.

  136. Ibid.

  137. “Monetary Policy Decisions” (press release), European Central Bank, December 8, 2011, www.ecb.europa.eu/press/pr/date/2011/html/pr111208.en.html.

  138. Bloomberg, “Federal Reserve Bank of New York President William Dudley ‘Can’t Imagine’ US Buying European Debt,” Telegraph (London), December 16, 2011, www.telegraph.co.uk/finance/financialcrisis/8962428/Federal-Reserve-Bank-of-New-York-president-William-Dudley-cant-imagine-US-buying-European-debt.html.

  139. Ibid.

  140. Benoît Cœuré, “Financing the Economy of the Euro Area: The ECB’s Role” (speech, Association Française des Tresoriers d’Entreprises, Paris, April 11, 2012), www.ecb.europa.eu/press/key/date/2012/html/sp120411.en.html.

  141. Dominic Rushe, “Markets Surge as Fed and Central Banks Step In to Try to Prevent Credit Crunch,” Guardian (Manchester), November 30, 2011, www.theguardian.com/business/2011/nov/30/markets-surge-central-banks-action.

  142. “Spain Election: Rajoy’s Popular Party Declares Victory,” BBC News, November 20, 2011, www.bbc.com/news/world-europe-15809062.

  143. “Spain’s Reform Example,” Wall Street Journal, October 29, 2014, www.wsj.com/articles/spains-reform-example-1414539336.

  144. Catarina Saraiva, “Euro Falls Below 100 Yen, 1st Time Since 2001; Aussie, Kiwi Rise,” Bloomberg, December 30, 2011, www.bloomberg.com/news/articles/2011-12-30/euro-trades-near-decade-low-versus-yen-as-european-crisis-weighs-on-growth.

  145. Michael Estrin, “What If the Euro Fails?” Bankrate, December 19, 2011, http://www.bankrate.com/investing/what-if-the-euro-fails/.

  146. Maureen Farrell, “ECB Cuts Rates to All-Time Low,” CNN Money, July 5, 2012, http://money.cnn.com/2012/07/05/investing/ecb/index.htm.

  147. John Lichfield, “Franco-German Relations Cool over Eurozone Crisis,” Independent (London), June 8, 2010, www.independent.co.uk/news/world/europe/franco-german-relations-cool-over-eurozone-crisis-1994953.html.

  148. Matthias Sobolewski and Dina Kyriakidou, “S&P Downgrades Nine Euro Zone Countries,” Reuters, January 13, 2012, www.reuters.com/article/us-eurozone-sp-idUSTRE80C1BC20120114.

  149. “IMF: Global Economy ‘in Danger Zone’ over Euro Crisis,” BBC News, January 24, 2012, www.bbc.com/news/business-16699807.

  150. Annalyn Censky, “Bernanke: Fed Will Protect US Economy from Europe,” CNN Money, February 3, 2012, http://money.cnn.com/2012/02/02/news/economy/bernanke_congress_europe/.

  151. Ben S. Bernanke, “The Economic Outlook and the Federal Budget Situation” (testimony before the Committee on the Budget, US House of Representatives, Washington, DC, February 2, 2012), www.federalreserve.gov/newsevents/testimony/bernanke20120202a.htm.

  152. Graeme Wearden and Helena Smith, “Eurozone Reaches Deal on Second Greece Bailout After All-Night Talks,” Guardian (Manchester), February 21, 2012, www.theguardian.com/business/2012/feb/21/eurozone-reaches-second-greece-bailout-deal.

  153. Miranda Xafa, “Lessons from the 2012 Greek Debt Restructuring,” Vox, June 25, 2014, www.voxeu.org/article/greek-debt-restructuring-lessons-learned.

  154. Ben Bernanke, “2012 Economic Outlook,” C-SPAN, February 2, 2012, www.c-span.org/video/?304151-1/2012-economic-outlook.

  155. “Draghi Attacks Bankers over ECB Fears,” Financial Times, February 9, 2012.

  156. Ibid.

  157. Ian Traynor, “ECB to Launch Second Wave of Euro ‘Quantitative Easing,’” Guardian (Manchester), February 28, 2012, www.theguardian.com/business/2012/feb/28/european-central-bank-euro-eurozone.

  158. Paul Carrel, “ECB Offers Banks Second, Maybe Last, Mega Funds Fix,” Reuters, February 28, 2012, www.reuters.com/article/ecb-ltro-idINDEE81S00K20120229.

  159. Richard Milne and Mary Watkins, “European Finance: The Leaning Tower of Perils,” IGF, March 28, 2012, www.omegaigf.com/noticiaDetalle.aspx?area=2&cnoti =12912&off=0.

  160. Gertrude Chavez-Dreyfuss, “Euro Rises to 3-Week High, May Pull Back Next Week,” Reuters, March 23, 2012, www.reuters.com/article/us-markets-forex-idUSBRE82D0IJ20120323.

  161. Tom Kington, “Anti-Austerity Parties Ride Protest Vote in Italian Local Elections,” Guardian (Manchester), May 8, 2012, www.theguardian.com/world/2012/may/08/anti-austerity-italian-local-elections.

  162. “‘A Political Implosion’: Anti-Austerity Parties Win Historic French and Greek Elections,” Democracy Now!, May 7, 2012, www.democracynow.org/2012/5/7/a_political_implosion_anti_austerity_parties.

  163. “Italy’s Sovereign Debt Hits Record High,” Deutsche Welle, July 14, 2015, www.dw.com/en/italys-sovereign-debt-hits-record-high/a-18583683.

  164. Ben Rooney, “Draghi Says Euro Is ‘Unsustainable’ Without Action,” CNN Money, May 31, 2012, http://money.cnn.com/2012/05/31/investing/ecb-draghi/.

  165. Mario Draghi and Vítor Constâncio, “Introductory Statement to the Press Conference (with Q&A),” European Central Bank, June 6, 2012, www.ecb.europa.eu/press/pressconf/2012/html/is120606.en.html.

  166. Ibid.

  167. “Bundesbank: Germany Walks Fine Line in Euro Crisis,” Financial Times, June 8, 2012, https://next.ft.com/content/1614cd0a-9f67-11e1-a255-00144feabdc0.

  168. Helena Smith, “Athens Descends into Violence as 200,000 March against Austerity,” Guardian (Manchester), September 26, 2012, www.theguardian.com/world/2012/sep/26/greece-violence-general-strike-austerity.

  169. “Monetary Policy Decisions” (press release), European Central Bank, July 5, 2012, www.ecb.europa.eu/press/pr/date/2012/html/pr120705.en.html.

  170. Mario Draghi and Vítor Constâncio, “Introductory Statement to the Press Conference (with Q&A),” European Central Bank, July 5, 2012, www.ecb.europa.eu/press/pressconf/2012/html/is120705.en.html.

  171. Ibid.

  172. Joseph Ciolli, “Euro Falls versus Most Major Peers Before Confidence Data,” Bloomberg, July 20, 2012, www.bloomberg.com/news/articles/2012-07-19/euro-set-for-weekly-decline-against-yen-before-confidence-data.

  173. Ambrose Evans-Pritchard, “Spanish Debt Crisis Returns as Germany Nears Bailout Fatigue,” Telegraph (London), July 19, 2012, www.telegraph.co.uk/finance/financialcrisis/9413545/Spanish-debt-crisis-returns-as-Germany-nears-bailout-fatigue.html.

  174. “2012 Article IV Consultation with the Euro Area—Concluding Statement of IMF Missi
on,” International Monetary Fund, June 21, 2012, www.imf.org/en/News/Articles/2015/09/28/04/52/mcs062112.

  175. Mario Draghi, “Verbatim of the Remarks Made by Mario Draghi” (at the Global Investment Conference, London, July 26, 2012), www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.html.

  176. “ECB Signals Resolve to Save Euro,” Financial Times, September 6, 2012, http://www.ftchinese.com/story/001046436/en.

  177. Tony Paterson, “Mario Draghi in Lion’s Den: ECB Head Will Confront German Critics,” Independent (London), September 14, 2012, www.independent.co.uk/news/world/europe/mario-draghi-in-lions-den-ecb-head-will-confront-german-critics-8139962.html.

  178. Ibid.

  179. Ibid.

  180. www.zdf.de/politik/maybrit-illner.

  181. Andreas Rinke, “Merkel Wins Support for ECB Bond-Buying Stance,” Reuters, September 10, 2012, http://uk.reuters.com/article/uk-eurozone-ecb-germany-idUKBRE8890DY20120910.

  182. “Federal Reserve Issues FOMC Statement” (press release), Board of Governors of the Federal Reserve System, September 13, 2012, www.federalreserve.gov/newsevents/press/monetary/20120913a.htm.

  183. Julie Haviv and Gertrude Chavez-Dreyfuss, “Yen Posts Worst Week Since February versus Dollar; Euro Falls,” Reuters, November 15, 2012, www.reuters.com/article/us-markets-forex-idUSBRE8A70Q320121116.

  184. Ben S. Bernanke, “The Economic Recovery and Economic Policy” (speech at the Economic Club of New York, New York, November 20, 2012), www.federalreserve.gov/newsevents/speech/bernanke20121120a.htm.

  185. “Federal Reserve and Other Central Banks Announce an Extension of the Existing Temporary US Dollar Liquidity Swap Arrangements through February 1, 2014” (press release), Board of Governors of the Federal Reserve System, December 13, 2012, www.federalreserve.gov/newsevents/press/monetary/20121213a.htm.

  186. “Federal Reserve Issues FOMC Statement” (press release), Board of Governors of the Federal Reserve System, December 12, 2012, www.federalreserve.gov/newsevents/press/monetary/20121212a.htm.

  187. Jon Hilsenrath and Brian Blackstone, “Inside the Risky Bets of Central Banks,” Wall Street Journal, December 12, 2012, www.wsj.com/articles/SB10001424127887323717004578157152464486598.