The ECB and the PEPP: why are the credit ratings of EU/Eurozone public sector issuers inflated by as many as four notches?
Published on 26 April 2021
The discussions and calls following the launch of my Bruges Group paper “The ECB’s Pandemic Emergency Purchase Programme” surfaced two areas for further examination.
One was the “pot calling the kettle black” issue: why is the UK structurally and materially in a superior position (even if we have the wrong direction-of-travel and […]