Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/300126 
Year of Publication: 
2023
Series/Report no.: 
CASE Reports No. 506
Publisher: 
Center for Social and Economic Research (CASE), Warsaw
Abstract: 
The euro area suffers from excessive public debt, which is the primary cause of the so-called fragmentation. It should be remedied by fiscal consolidation instead of the quasi-fiscal activities of the European Central Bank, which are inconsistent with its legal status, compromise its independence and undermine its price stability mandate. When targeted market intervention is necessary, it should be provided by the European Stability Mechanism. This paper was provided by the Policy Departmentfor Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 26 September 2022.
Subjects: 
European Central Bank
European Union
euro area
fiscal discipline
public debt
Transmission Protection Mechanism
Securities Market Programme
Outright Monetary Transactions
Emergency Liquidity Assistance
fragmentation
central bank independence
JEL: 
E58
F45
H62
H63
ISBN: 
978-83-67407-06-9
Document Type: 
Research Report

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