Is the C B a Lender of Last Resort?

After the global financial crisis, m m t was saying, no, this is wrong. Don't do it. I had a litt e sympathy for that, once i got out of the treasury, actually. And so there was, there was that focus on austerity being wrong. Then you had the theuroson crisis, and one of the really important moments was after am drage had said, whatever it takes,. There's something very fundamentally changed in the nature of that crisis. It came down to that difference between currency issuesand and currency users.