Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
The scarcity of euro area safe assets as a result of the European Central Bank's Public Sector Purchase Programme (PSPP) led to significant decreases in repo market refinancing costs for those German and European banks already holding them, a paper published by the Bundesbank argues, leading to higher profits in repo intermediation business, increased credit supply and lower rates for short-term corporate loans.
The scarcity of safe assets therefore had positive effects both for the owners of safe assets and the euro area monetary policy transmission mechanism, author Johannes Tischer concludes.