ECB must provide explanations on bond programmes By Nout Wellink
The European Central Bank is a relatively young central bank in a complex setting. The size and complexity of the ECB’s difficulties seem to be rising. It appears the prisoner of its institutional environment and past monetary policy. We can see this in the delicate interplay between the ‘flexible’ policy on reinvesting bond portfolios acquired during the pandemic and the new transmission protection instrument to combat fragmentation. The greater the doubts about the resilience of the structures central banks are trying to defend, the harsher will be the eventual test of strength with markets.
ECB transmission protection instrument needs a ‘user manual’ By Ignazio Angeloni and Daniel Gros The TPI will function satisfactorily only if the rules of engagement are clear: its user manual should be agreed as soon as possible, and made public, in time for the next governing council meeting on 8 September. |
MEETINGS  Vulnerability in the euro area Monday 12 September, Roundtable Mahmood Pradhan, former deputy director of the European department at the International Monetary Fund, joins OMFIF’s Mark Sobel to discuss the challenges the European Central Bank faces and the instruments at its disposal. |
ON DEMAND  ECB and climate risk supervision Christoffer Kok, head of the stress test modelling division of the European Central Bank’s directorate general for macroprudential policy and financial stability, joins OMFIF to discuss the results of the bank’s supervisory climate risk stress test, approaches taken and lessons learnt. |
LATEST REPORT Sustainable Policy Institute Journal In the summer edition of the journal, contributors lay out why the ‘S’ in ESG is becoming a priority for investors and why social and human rights issues are taking centre stage. |
