Wirtschaftspolitischer Beitrag
Sovereign bond purchases and risk sharing arrangements: Implications for euro area monetary policy
Autoren
Erscheinungsdatum
Schlagworte
Geldpolitik
Europäische Union & Euro
Konjunktur Euro Raum
Konjunktur
The ECB has launched a Quantitative Easing programme similar to recent programmes launched by other central banks. In launching this programme, the Eurosystem takes additional risks on its balance sheet. Currently, the probability of these risks materializing seems to be relatively small. Nonetheless, if this probability were to increase, the ECB and national central banks may find themselves under increasing political pressure, which in turn may weaken the institutional structure underlying monetary policy in the euro area.
