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MNI BRIEF: ECB Tapering Fears 'Unwarranted' - BdF's Villeroy


The European Central Bank has been hampered by "unwarranted tapering fears," Bank of France governor Francois Villeroy de Galhau said in a speech Tuesday, with net purchase volumes to be "freely determined until at least March 2022 by our commitment to preserve favorable financing conditions for all economic agents."

The Asset Purchase Program could be given "additional flexibilities, in terms of allocation and/or volume" once PEPP has moved into its reinvestment phase, Villeroy said, adding that the the tiering multiplier could also be "adapted flexibly to support the "low-for-longer" policy" of negative interest rates on excess reserves held at the central bank.

TLTROs are an efficient tool and should be "refocused" so that they are in place "in some form for more time," he said, suggesting a change in their make-up that could help "limit the room for carry trades."

MNI Frankfurt Bureau | +49-69-720-146 |
MNI Frankfurt Bureau | +49-69-720-146 |

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