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21st Jun 2022 00:10Eurozone, Daily Monitor

The ECB’s sterilisation of SMP purchases in 2010 wouldn’t make as much sense today.

We think purchases under the new anti-fragmenta- tion tool will include some form of sterilisation...

...But full neutralisation of asset purchases as part of a backstop for spreads is not credible.

commercial banks construction construction output construction pmi defence deposits ECB elections energy eu EZ construction france July June liquidity May pmi policy q2 qe spanish summer us voters

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Keywords for: A Trip Down Memory Lane; What Does QE Sterilisation Mean?

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