Footnote 2 Unlike traditional central banks, the ECB was not provided with a mandate to act as lender of last resort (LOLR) to the Members of the euro or the Eurozone banking system. Footnote 1 In the Treaty of Maastricht, those Members committed themselves to a monetary rule (low and stable inflation) and established an institution to guard that rule (the European Central Bank). Yet, the euro project was based on a decision by Member States to replace currency-exchange markets with a fixed exchange rate. Although there are countless historical examples of successful international trade agreements, one country/one money remains perhaps the greatest regularity of law and economics. The core of the European integration project comprises Member States cooperating to construct shared markets. A consequentialist standpoint is sketched out from which the interventions of the ECB, in light of their available alternatives, appear broadly consistent with welfarist cost-benefit analysis and less normatively worrisome than by reference to evaluative criteria that emphasize a narrowly rule-bound conception of the rule of law. The “convertibility” rule of the gold standard and the “parity” rule of the Bretton Woods system are contrasted with their Eurozone equivalent. To motivate discussion thereof beyond a largely ahistorical, non-indexical, rules versus discretion debate, the rules of the currency union are located within the genealogy of international exchange rate regimes. This functional moderation of a rule, from an ex ante specification of an outcome towards the exercise of greater choice at the point of application, carries with it contentious normative questions. She has received a Guggenheim Fellowship and lives in Los Angeles.This article argues that the European Central Bank (ECB), supported by the Court of Justice of the European Union (CJEU), can be perceived to have functionally softened the no sovereign lender of last resort (LOLR) rule originally implied by Articles 123 and 125 of the Treaty on the Functioning of the European Union (TFEU) towards a rule-with-exceptions and, increasingly, towards a presumption: The ECB will act as sovereign LOLR to a constituent Member unless and until that Member is insolvent or unwilling to cooperate with measures designed to restore market confidence. Her forthcoming hybrid nonfiction book is Dear Memory. It was also long-listed for a National Book Award and a finalist for the National Book Critics Circle Award and the Griffin International Poetry Prize. Victoria Chang’s latest poetry book is OBIT, which was named a New York Times Notable Book and received the Los Angeles Times Book Prize, the Anisfield-Wolf Book Award, and the PEN Voelcker Award. In some way, this felt closer to the rendering of grief that I was feeling. Once the number six emerged, I went back and counted Martin’s grids (48) and I decided to hand-write the poem in 48 rectangles, but wanted the rectangles to be lifted off of the paper as a reversal, and also imperfect, so I cut them out by hand. At the time of my writing, the Atlanta shootings had just occurred and I kept thinking about the six Asian American women who were killed. I initially wrote the poem in a notebook by hand. What was your approach to writing a poem about it? I also love the exactness of Martin’s work, an aspiration toward perfection. I chose this piece because of how its silence and the stillness resonated with me. I have always been intrigued by Agnes Martin’s art, especially after reading her book Writings. I realize the lines have not abandoned us, I realize failure consists of both the outline and In the morning, I lean in closer to the mirror and I still get six dead Asian women who fit into On some clear days, there are only forty eight birdsĪnd forty eight people and forty eight houses.Īnd forty eight wars. Today, I am hungry but all the portions are gone, Today, there is no shortage of thinking butĪll the thinking is divided into portions. What if our thinking only remains thinking On a clear day, all the sounds fit into the boxes. When people found them, they still gathered The apples were strewn across the field and after Agnes Martin’s Untitled from On a Clear Day (1973)Īll that was left were the apples they had been fed. Victoria Chang’s poem “On a Clear Day” in proper layout
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