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The ECB At A Dangerous Crossroad As Berlin Endangers QE

Minenna, Marcello, (2016), “The ECB At A Dangerous Crossroad As Berlin Endangers QE”, Social Europe, 20 Ιουλίου

In the stormy aftermaths of Brexit, with Eurozone stock markets losing 8% on average and Sterling crashing, government bonds have remained substantially unperturbed. The ECB shield, in the form of the €80 billion of Public Sector Purchase Program (PSPP) monthly asset purchases, has been remarkably effective and has reduced volatility to the bare minimum. Even so, the markets’ shock and the threat of recession have been so strong as to induce many analysts to consider a further extension of QE beyond its natural limits (March 2017) as the most obvious response by the European authorities.

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