Uncertainty over ECB’s TPI muddies monetary and fiscal impact


The European Central Bank’s new asset purchase tool is seen as a necessary step by most analysts, but its ultimate implications for monetary and fiscal sustainability remain unclear.

On July 21, as it increased interest rates by 50 basis points, the ECB’s governing council approved the creation of the Transmission Protection Instrument (TPI). This mechanism “can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy

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