The ECB’s bond purchase programmes and the limits of national risk-sharing

QE in the Eurozone is unusual in that the risks of sovereign debt defaults are shared between the ECB and the national central banks. This column argues that if such risk sharing were applied to the Outright Monetary Transactions programme, it could potentially create insolvency problems for countries with large public debts, especially in a low-growth scenario.

Σχετικές αναρτήσεις

• Gros, D. & Kopf, C. (2015) “Quantitative easing in euro zone requires shared risk“, Centre for European Policy Studies: Economic Policy, Researchers’ work published externally, 21 Ιανουαρίου.
• De Grauwe, P. & Ji, Y. (2015) “Quantitative easing in the Eurozone: It’s possible without fiscal transfers“, VoxEU Organisation, 15 Ιανουαρίου.
• Daniel Gros: “Quantitative Easing and Deflation in a Creditor Economy, στο Growth, Convergence and Income Distribution: The Road from the Brisbane G-20 Summit, σσ. 87-91, Think Tank 20: Νοέμβριος 2014.