The writer is founder of Dezernat Zukunft, a macrofinance think-tank
As the European Central Bank prepares to launch a critical new tool to tackle the threat of fragmentation of the eurozone’s financial markets, governments still seem to be sitting on the sidelines.
That is a mistake. It is pushing the central bank into murky political territory, risking its credibility and may result in another lost decade marked by under-investment, stagnation and growing economic divergence between member states.
The ECB’s bond-buying mechanism to be outlined on Thursday aims to address the gap between the yields on German and other government bonds in the eurozone. Such spreads can cause an uneven transmission of monetary policy.
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