The ECB’s Transmission Protection Instrument and Fiscal Stability-Reference-Cited by-同舟云学术

The ECB’s Transmission Protection Instrument and Fiscal Stability

Published:2023-04-18 Issue:1 Volume:20 Page:89-95
ISSN:1553-3832
Container-title:The Economists’ Voice
language:en
Short-container-title:

Author:

Assenmacher Katrin¹

Affiliation:

1. European Central Bank , Frankfurt , Germany

Abstract

Abstract The ECB’s Transmission Protection Instrument (TPI) supports the effective transmission of the monetary policy stance throughout the euro area, which is a precondition for the ECB to deliver on its price stability mandate. If activated, the Eurosystem would purchase securities issued in jurisdictions that experience a deterioration in financing conditions not warranted by country-specific fundamentals. The TPI thereby complements other tools to counter risks to the transmission mechanism such as the Pandemic Emergency Purchase Programme (PEPP) reinvestment flexibility and the Outright Monetary Transactions (OMT) programme.

Publisher

Walter de Gruyter GmbH

Subject

General Economics, Econometrics and Finance,General Business, Management and Accounting

Link

https://www.degruyter.com/document/doi/10.1515/ev-2023-0016/pdf

Reference10 articles.

1. Draghi, M. 2012. Q&A at the ECB Press Conference. Frankfurt. https://www.ecb.europa.eu/press/pressconf/2012/html/is120906.en.html#:∼:text=On%20%E2%80%9Cconditionality%E2%80%9D%2C%20the,for%20this%20action (accessed March 31, 2023).

2. Elderson, F. 2022. Proportioning Policy Action to the Evidence: Making the Monetary Policy Strategy of the ECB Concrete. Frankfurt am Main: Keynote Speech at the Institute of International & European Affairs Webinar.

3. European Central Bank. 2012. Technical Features of Outright Monetary Transactions. Frankfurt am Main: Press Release.

4. European Central Bank. 2022a. Statement after the Ad Hoc Meeting of the ECB Governing Council. Frankfurt am Main: Press Release.

5. European Central Bank. 2022b. The Transmission Protection Instrument. Frankfurt am Main: Press Release, 2022.

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