Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/281386 
Year of Publication: 
2023
Citation: 
[Journal:] Intereconomics [ISSN:] 1613-964X [Volume:] 58 [Issue:] 5 [Year:] 2023 [Pages:] 254-259
Publisher: 
Sciendo, Warsaw
Abstract: 
In 2022, the European Central Bank (ECB) introduced the Transmission ProtectionInstrument (TPI) to counter the risk of financial fragmentation following the normalisation ofmonetary policy. The ECB has specified conditions under which the TPI can be activated.This paper examines these conditions and concludes that the activation conditions cannotbe applied in an objective and transparent manner. This provides the ECB room for policydiscretion and makes the ECB susceptible to pressure from member countries. A possibleinterpretation is that the activation conditions serve as a fig leaf to cover ECB policies thatmay go beyond its mandate.
Subjects: 
central bank
monetary policy
EU states
JEL: 
E32
E43
E58
F45
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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