I have been in a lot of calls since the launch of my Bruges Group paper “The ECB’s Pandemic Emergency Purchase Programme”.
Two issues keep coming up and so I have decided to write two notes on them.
This first one comes down to the pot not calling the kettle black. Or, put more elegantly, why are we doing so much better over here given the escalation of UK government debt and the size of the Bank of England’s bond purchases?
The other one justifies the contention that the public credit ratings of EU and Eurozone issuers are four notches too high.