
(AGENPARL) – BRUXELLES lun 20 marzo 2023 The ECB is now planning to run down its vast bond holdings acquired under the asset purchase programme —– a ‘‘quantitative tightening’’. However, the ECB is not contemplating selling any bonds, only not reinvesting part of what is coming due. Under this approach, the continuing expansionary effect of keeping vast holdings remains large and is likely to complicate the fight against inflation. The ECB currently has two, fungible, policy instruments (policy rates and balance sheet operations), which make it impossible to determine the impact of quantitative tightening separately.
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)741482