Regarding the ECB, what is your thinking about that €50 billion exposure? Could a default on that mean, as argued, an actual (or at least perceived) risk to the ECB itself? (Where I am not even sure whether that is supposed to be a liquidity, solvency, credibility, or some other crisis.)

In CEPR Policy Insight No.24, Willem Buiter asks: Does it matter if a central bank suffers a large capital loss? Can the central bank become insolvent? How and by whom should the central bank be recapitalised, should its capital be deemed insufficient?