The corporate sector purchase programme (CSPP): Effectiveness and challenges ahead
In March 2016 the ECB announced the launching of the Corporate Sector Purchase Programme (CSPP), enabling the direct purchase by the ECB of investment grade euro-denominated bonds issued by non-bank corporations based in the Euro area in the primary and secondary markets. Although a new monetary policy instrument in the Eurosystem, the CSPP is not a global innovation, since other central banks have resorted to similar initiatives since the onset of the Great Recession in 2008. While undoubtedly contributing to the smooth functioning of the transmission mechanism for monetary policy, CSPP also present challenges, like other aspects of the ECB’s Asset Purchase Programme. This note discusses the effectiveness of the programme and some options available to the ECB.
Analyse approfondie
Auteur externe
Corrado MACCHIARELLI, Mara MONTI, Andrea VEDOLIN
À propos de ce document
Type de publication
Mot-clé
- analyse économique
- analyse économique
- banque
- Banque centrale européenne
- ENTREPRISE ET CONCURRENCE
- FINANCES
- institutions de l'Union européenne et fonction publique européenne
- institutions financières et crédit
- investissement de l'UE
- investissement et financement
- libre circulation des capitaux
- marché financier
- obligation financière
- petites et moyennes entreprises
- politique monétaire unique
- promotion des investissements
- prêt
- relations monétaires
- stabilité financière
- type d'entreprise
- UNION EUROPÉENNE
- zone euro
- ÉCONOMIE
- économie monétaire
- établissement de crédit