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La BCE en terrain neutre ?
OFCE Le Blog
Politique monétaire, Achats titres publics, Achats obligations, Banque Centrale Européenne, Eurosysteme
The involvement of the European Central Bank (ECB) in the fiscal management of the euro area member states has been a subject of ongoing controversy. Since the implementation of the ECB programme to purchase sovereign debt, it has been accused of profiting off of troubled states and taking the risk of socializing losses. The rise of these controversies results from the difficulty in understanding the relationship between the ECB, the national central banks (NCBs), and the governments. The European monetary architecture comes down to a sequence of delegations of power. [First lines]