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Lagarde: Eyeing Mon Policy, Not Litigation, On TLTROs

ECB
Q: After changing the TLTRO rules, do you think you will see litigation risk? Why did you choose this option rather than tiering? Do you think collateral scarcity will be solved by this decision?
  • A1: The first motivation is monetary policy. We must discuss what risks come with the decision. Taking into consideration the risk of litigation, we believe that this is the best monetary policy decision to take.
  • A2: I am not suggesting it is a panacea that will fix the problem of collateral scarcity. But it will facilitate an improvement.
Q: On Fiscal and Monetary Policy. Q2: What do you anticipate the real economy impacts of the TLTRO changes?
  • A1: The Commission is doing a thorough job in assessing the impact of energy measures taken by member states. The Commission has a dialogue with member states when they want to implement changes.
  • A2: What we want is the best possible transmission of our monetary policy.
  • Q&A ENDS
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