
(AGENPARL) – BRUXELLES lun 20 marzo 2023 The Eurosystem is now reducing its bond holdings. Provided this is carried out in a measured way, it should not have a big impact on financial conditions or cause financial instability. The reduction is the correct policy because of legal problems with the Eurosystem owning so many sovereign bonds and because it provides space to implement the Transmission Protection Instrument (TPI) effectively. On the costs of operating a large balance sheet, the ECB should re-introduce its tiering system for compensation of deposits.
This paper was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 20 March 2023.
Fonte : © Unione europea, 2023 – PE
Fonte/Source: https://www.europarl.europa.eu/thinktank/it/document/IPOL_IDA(2023)741481