Where Do We Stand With “Whatever It Takes”?
|Title:||Where Do We Stand With “Whatever It Takes”?||Authors:||Whelan, Karl||Permanent link:||http://hdl.handle.net/10197/12961||Date:||Jun-2022||Online since:||2022-06-30T15:47:05Z||Abstract:||It is ten years since Mario Draghi’s "whatever it takes" speech and the announcement of the OMT programme designed to address financial fragmentation. This paper reviews the sources of financial fragmentation including and discusses whether monetary tightening over the next few years will trigger concerns about unsustainable fiscal burdens in some euro area member states. The paper discusses the evolution of ECB policy regarding fragmentation and the practical and legal issues involved. Legal limits on sovereign bond holdings may force the ECB into some difficult choices in the coming years.||Type of material:||Working Paper||Publisher:||University College Dublin. School of Economics||Start page:||1||End page:||19||Series/Report no.:||UCD Centre for Economic Research Working Paper Series; WP2022/19||Copyright (published version):||2022 the Author||Keywords:||European Central Bank; Euro; Whatever it takes; Fragmentation; OMT||JEL Codes:||E58; E43; E63||Language:||en||Status of Item:||Not peer reviewed||This item is made available under a Creative Commons License:||https://creativecommons.org/licenses/by-nc-nd/3.0/ie/|
|Appears in Collections:||Economics Working Papers & Policy Papers|
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