The Incomplete Currency. Marcello Minenna

Figure 7.2 Total loans granted by the EFSF (2011–2014)

      Figure 7.3 Issues of the EFSF Fund–structure of the placed amounts

      Figure 7.4 Issues of the EFSF Fund–structure of annual yields

      Figure 7.5 Issues of the EFSF Fund–maturity structure of the issues

      Figure 7.6 Geographical breakdown of investors who bought securities issued by the EFSF (2011–2014)

      Figure 7.7 EFSF issues (2011–2014): breakdown by category of investors

      Figure 7.8 Yield comparison between 10Y EFSF and 10Y Euro Swap Rate

      Figure 7.9 Percentage contribution of the Member States of the Monetary Union to physical capital of ESM

      Figure 7.10 Total loans disbursed by the ESM (2012–2014)

      Figure 7.11 Issues of the ESM–structure of placed amounts

      Figure 7.12 Issues of the ESM–structure of annual yields

      Figure 7.13 Issues of the ESM–maturity structure of the issues

      Figure 7.14 Geographical breakdown of investors who bought securities issued by the ESM (2013–2014)

      Figure 7.15 ESM issues (2013–2014) breakdown by category of investors

      Figure 7.16 Contribution of selected Eurozone countries to the constitution of the initial capital of the ESM

      Figure 7.17 Impact of recovery of the Spanish banking system by ESM on the finances of the Spanish Government

      Figure 7.18 Selected countries' MTOs versus structural balance forecasts for 2014 and 2015

      Figure 7.19 Application of the “debt brake rule” in the case of Italy: backward-looking check–Government Data September 2013

      Figure 7.20 Application of the “debt brake rule” in the case of Italy: forward-looking check–Government Data September 2013

      Figure 8.1 Evolution of the European Central Bank purchasing programmes (in € billion)

      Figure 8.2 Purchases of bonds (in € billion) carried out by the ECB under the Securities Market Programme

      Figure 8.3 Structured securities with collateral located in the Eurozone (amount outstanding: June 2014)

      Figure 8.4 Structured securities with collateral located in the Eurozone (breakdown by country: June 2014)

      Figure 8.5 PSPP monthly purchases of government and agencies bonds–breakdown by country (€ billion)

      Figure 8.6 PSPP impact on the term structure of Bunds

      Figure 8.7 PSPP impact on the term structure of OATs

      Figure 8.8 Eurozone government bonds with implicit negative yields (% of total debt)

      Figure 8.9 Eurozone government bonds with implicit negative yields purchased by the NCBs within the PSPP up to 30 April 2015

      Figure 8.10 Eurozone government bonds purchased by NCBs within the PSPP up to 30 April 2015: distribution by time to maturity

      Figure 8.11 Impact of the PSPP and of the Flash Crash of 29 April 2015 on the Term Structure of Bunds

      Figure 8.12 Impact of the PSPP and of the flash crash of 29 April 2015 on the term structure of OATs

      Figure 8.13 Estimated capital gains of the main Eurozone banking systems and yields' volatility associated with the PSPP

      Figure 8.14 Impact of the PSPP and of the 1st and the 2nd flash crash on the term structure of Bunds

      Figure 8.15 Impact of the PSPP and of the 1st and the 2nd flash crash on the term structure of OATs

      Figure 9.1 The three pillars of the European Banking Union

      Figure 9.2 Total amount of Deferred Tax Assets in the balance sheet of major peripheral banks (breakdown by country 2011–2014)

      Figure 9.3 DTAs in the balance sheet of the main Italian banks (2011–2014)

      Figure 9.4 DTAs in the balance sheet of the main Spanish banks (2011–2014)

      Figure 9.5 DTAs in the balance sheet of the main Portuguese banks (2011–2014)

      Figure 9.6 DTAs in the balance sheet of the main Greek banks (2011–2014)

      Figure 9.7 Italian banks: DTAs converted in DTCs as a result of regulatory reform introduced by Law 214/2011 (2012–2014)

      Figure 9.8 Exposure of Eurozone governments towards national banking systems (2014)

      Figure 10.1 Degree of mutualisation of debt in the current implementation in the USA

      Figure 10.2 Degree of debt mutualisation in the 1st implementation scheme considered in the Green Paper of the European Commission

      Figure 10.3 Degree of debt mutualisation in the 2nd implementation scheme considered in the Green Paper of the European Commission

      Figure 10.4 Degree of Debt Mutualisation in the 3rd implementation scheme considered in the Green Paper of the European Commission

      Figure 10.5 Degree of debt mutualisation in the “Blue Bonds” proposal

      Figure 10.6 Federal budget of the US and of the European Union as a percentage of their GDP (2014)

      Figure 10.7 Degree of fiscal integration in terms of transfers in the US

      Figure 10.8 Degree of fiscal integration in terms of transfers in Germany