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The term "quantitative tightening" refers to the process of decreasing the central bank's balance sheet through a reduction of asset holdings acquired during "quantitative easing". Over the years, the Eurosystem acquired a substantial portfolio of assets as part of its asset purchase programmes. While the European Central Bank (ECB)'s Governing Council decided already in 2022 to stop net purchases, reinvestments of principal repayments continued until March 2023, thus maintaining the exisiting stock ...

Now is the time for quantitative tightening

Analiżi fil-Fond 16-03-2023

Even if QT is as inefficient as QE at affecting inflation, now is the time to cut the size of central banks’ balance sheets. The stabilising effects of large balance sheets are eroded as the financial markets adapt to excess reserves. If QT proves to be financially destabilising, it can be temporarily interrupted, possibly even reversed. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the ...

In March 2023, the European Central Bank (ECB) launched its quantitative tightening (QT) policy, to unwind its portfolio of assets that resulted from its quantitative easing (QE) policy of the last decade. This paper discusses the main arguments in favour of QT in the euro area and their validity, the possible risks associated with this policy, and how the ECB should implement QT to minimise these risks. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request ...

With the end of the Agreement on Textiles and Clothing and the removal of all textiles and clothing quotas on 1 January 2005, the characteristics of global textile production patterns and trade flows will be substantially redesigned. This paper aims at evaluating the qualitative and quantitative impact of the removal of quotas by assessing the prospects for textile- and clothing-producing countries, as well as producers and consumers in the EU. The paper also takes account of linkages with other ...