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The ECB’s Transmission Protection Instrument and Fiscal Stability

Author

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  • Assenmacher Katrin

    (European Central Bank, Frankfurt, Germany)

Abstract

The ECB’s Transmission Protection Instrument (TPI) supports the effective transmission of the monetary policy stance throughout the euro area, which is a precondition for the ECB to deliver on its price stability mandate. If activated, the Eurosystem would purchase securities issued in jurisdictions that experience a deterioration in financing conditions not warranted by country-specific fundamentals. The TPI thereby complements other tools to counter risks to the transmission mechanism such as the Pandemic Emergency Purchase Programme (PEPP) reinvestment flexibility and the Outright Monetary Transactions (OMT) programme.

Suggested Citation

  • Assenmacher Katrin, 2023. "The ECB’s Transmission Protection Instrument and Fiscal Stability," The Economists' Voice, De Gruyter, vol. 20(1), pages 89-95, June.
    • Handle: RePEc:bpj:evoice:v:20:y:2023:i:1:p:89-95:n:5
    DOI: 10.1515/ev-2023-0016
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