Daniel Gros and Christian Kopf offer their assessment of the programme of sovereign bond purchases to be undertaken shortly by the European Central Bank in the euro area. They examine in particular the accounting technique proposed in order to immunise the shareholders of the ECB, namely the national central banks, against potential losses from such operations in which purchases would not be undertaken jointly, but rather would be made on the accounts of individual national central banks of the Eurosystem.
Posted on: Mon, 26 Jan 2015 11:39:31 +0000