The ECB wants the last stimulus operation.


Five sources familiar with the situation revealed that ECB policymakers are now inclined to change their use of funds as little as possible in the last stimulus operation, and they are trying to continue to gain investor support.
The last bond purchase of the ECB's 2.6 trillion euro ($3 trillion) bond purchase program will end in December, but policymakers still need to decide how and where to reinvest the proceeds of bonds maturing from January.
The first problem to be solved is how to transition to the new "capital key", which is used to calculate the proportion of each EU member country's investment in the European Central Bank, and is the basis for the central bank to purchase the proportion of national bonds.
This year, the proportion of capital contributions will be recalculated to reflect the adjustment of the relative size of countries' economies and population.
This will further increase Germany's already dominant share of the major countries in the euro area, while Italy's share will decline.
The Italian bond market is already in turmoil because of political doubts. Five sources from the European Central Bank Governing Council or close to the Commission said the move was not intended to create further confusion. They added that the new contribution ratio might only apply to new debt purchases under reinvestment plans, at least initially.
"We do not want to disrupt the bond market," one of the sources said. He asked for anonymity because the ECB's talk was not made public.
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Another source added that the new

<>The ECB wants the last stimulus operation.

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