Wednesday 18 January 2017

Gary O'Callaghan: Gold profits in EU central banks should be used to alleviate crisis

Gary O'Callaghan

Published 09/06/2011 | 05:00

As we stare down the barrel of a Greek default, the time has come for Europe's central banks to become more creative and constructive in their approach to the euro crisis.

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An intriguing item on the consolidated balance sheet of those banks (at www.ecb.int) shows that they have revaluation earnings of €305bn, which have largely come from an increase in the price of gold since the system was formed.

Those profits are just sitting on account when the application of even one-third of this amount to some resolution mechanism could make a massive dent in Europe's spiralling debt.

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