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Policy Article

Sovereign bond purchases and risk sharing arrangements: Implications for euro area monetary policy

Authors

  • Boysen-Hogrefe
  • J.
  • Fiedler
  • S.
  • Jannsen
  • N.
  • Boeing-Reicher
  • C.
  • Reitz
  • S.

Publication Date

Key Words

Europäische Zentralbank

European Central Bank

Quantitative Easing

Related Topics

Monetary Policy

European Union & Euro

Business Cycle Euro Area

Business Cycle

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.

Kiel Institute Experts

  • Prof. Dr. Jens Boysen-Hogrefe
    Kiel Institute Researcher
  • Dr. Nils Jannsen
    Kiel Institute Researcher

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