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In a series of articles on the European Central Bank, OMFIF Chairman David Marsh, Deputy Head of Research Ben Robinson and Research Assistant Pierre Ortlieb review how the politics of Europe's quantitative easing programme reflects the innate complications of carrying out unified monetary operations across the euro area. These realities will overshadow the intricate technicalities of QE reinvestment next year.
The ECB faces possible charges of discrimination from Italy over maintaining its QE programme. Technical changes in allocating reinvestment of national central banks' maturing bond holdings in 2019 could exacerbate Italy's dispute with the European Commission over Rome's budgetary policy. Potential squabbles centre on the quinquennial recalculation of the ECB's 'capital key', which reflect long-running differences over different countries' benefits and disadvantages from euro membership.
The ECB needs quickly to inform financial markets and the general public how it will conduct reinvestments next year. Otherwise, the enormous complexity of the task now being considered is almost certain to provoke accusations of unfair treatment from different sides.
The three articles were published between 23-25 October:
OMFIF would be pleased to receive comments on this series. Please email publishing@omfif.org.
Mon 25 Feb 2019 09:15
Peru and the Latin American economy
A roundtable with Julio Velarde, Governor, Banco Central de Reserva del Perú
February | 10:30
Tue 5 Mar 2019 08:30
China and the US in the global economy
China and the US in the global economy
March | 08:30
Wed 6 Mar 2019 08:45
Fintech developments for financial stability and inclusion
A roundtable with Ratna Sahay, deputy director, IMF, capital markets department, and Jochen Schanz, senior economist, Bank for International Settlements
March
Thu 21 Feb 2019
Euro area integration or disintegration
Roundtable with Hans Vijlbrief, President of the Eurogroup working group, General Secretariat of the Council of the EU
February | London
Wed 20 Feb 2019
Future dynamics for sustainable finance
A roundtable discussion with Peter Estlin, lord mayor of the City of London.
February | Singapore