Publication
How can the ECB deal with the risk of fragmentation?
The ECB is preparing a new programme to limit divergences in borrowing costs within the euro area. This Policy Insights paper argues that this so-called ‘anti-fragmentation’ tool needs to be seen in conjunction with the existing tool, namely the Outright Monetary Transactions (OMT), created by the ECB under Mario Draghi in 2012 and widely credited […]