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PSPP Bond Purchases as National Additional Money with Monetary Policy Relevance: A Reinterpretation of the ANFA Holdings in the Light of Recent Events

In: European Union and Monetary Union in Permanent Crisis I

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  • Dirk Meyer

    (Helmut-Schmidt-Universität)

Abstract

The ANFA agreement (Agreement on Net Financial Assets) allows national central banks of the euro area to hold assets for national, including fiscal, purposes, to the extent that they are compatible with the monetary policy objectives and tasks of the European System of Central Banks (ESCB). The article asks to what extent the PSPP government bond purchases (Public Sector Purchase Programme) can be considered functionally equivalent to the ANFA funds. The effects on the monetary policy steering of the ESCB, taking into account the PSPP purchases, are then examined. The results of the analysis are of particular relevance in the light of the judgment of the Federal Constitutional Court of 5 May 2020.

Suggested Citation

  • Dirk Meyer, 2022. "PSPP Bond Purchases as National Additional Money with Monetary Policy Relevance: A Reinterpretation of the ANFA Holdings in the Light of Recent Events," Springer Books, in: European Union and Monetary Union in Permanent Crisis I, chapter 0, pages 229-243, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38643-6_12
    DOI: 10.1007/978-3-658-38643-6_12
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