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ECB balance sheet reduction raises fragmentation risks

Location:

INTERNATIONAL

At USD8.3tn, the ECB’s balance sheet is on a par with that of the US Federal Reserve (Fed). To date, the ECB's QT has focused on banks repaying loans taken from the ECB since 2019…

Extensive ECB response will reduce depth of recession

Location:

INTERNATIONAL

Far from being nonplussed by Germany’s Constitutional Court ruling of May 5 that the ECB’s Public Sector Purchase Programme (PSPP) may be illegal, it doubled the programme on June…

There is no easy solution to the German-ECB conflict

Location:

EU/GERMANY

Germany-ECB tension.

Renewed ECB easing places further pressure on banks

Location:

EU

ECB easing.

ECB to stay dovish despite ending its QE programme

Location:

EU

Fears of Europe's financial fragility are rising after the ECB ended its quantitative easing (QE) programme in December. The programme -- which lasted almost four years -- bought…

Expanded ECB toolbox will be severely tested

Location:

EU

The ECB stopped buying more government bonds under the pandemic-emergency-purchase-programme (PEPP) at the end of March and the asset-purchase-programme (APP) on July 1. Spreads…

Next ECB president will have to revive weak activity

Location:

ECB

ECB succession.

Persistent inflation will create a dilemma for the ECB

Location:

EU

The ECB remains reluctant to increase rates, as supply-side shocks are the main cause of high consumer-price inflation, while core inflation is only barely above the 2…

ECB has further scope to support spending

Location:

EU

The unprecedented volume of ECB bond purchases, and the liquidity of the secondary debt market, have supported economies through the COVID-19 pandemic. Concerns persist that…

ECB will extend QE programme on December 3

Location:

EURO-AREA

At a press conference after the previous meeting on October 22, ECB President Mario Draghi was clear that downside risks to the inflation outlook might lead to a reassessment at…