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Where Do We Stand With “Whatever It Takes†?

Author

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  • Whelan, Karl
Abstract
It is ten years since Mario Draghi’s “whatever it takes†speech and the announcement of the OMT programme designed to address financial fragmentation. This paper reviews the sources of financial fragmentation and discusses whether monetary tightening over the next few years will trigger concerns about unsustainable fiscal burdens in some euro area member states. The paper discusses the evolution of ECB policy regarding fragmentation and the practical and legal issues involved. Legal limits on sovereign bond holdings may force the ECB into some difficult choices in the coming years.

Suggested Citation

  • Whelan, Karl, 2022. "Where Do We Stand With “Whatever It Takes†?," CEPR Discussion Papers 17378, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17378
    as

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    More about this item

    Keywords

    European central bank; Euro; Whatever it takes; Fragmentation; Omt;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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