Menelaos Markakis Profile picture
Assistant Prof @erasmusuni | Coordinator @ErasmusCEFG | Also @WorcCollegeOx | @UniofOxford, @UoAofficial alumnus | Public law & EU law, #EMU. Usual disclaimers.
Mar 13, 2020 9 tweets 3 min read
What does Lagarde’s comment that “We are not here to close spreads, there are other tools and other actors to deal with these issues” mean? Why are economists up in arms? A quick thread. #ECB #Eurozone #Covid_19 1/ These comments are seen to refer to the Outright Monetary Transactions Programme (OMT), which was part of former ECB President Mario Draghi’s pledge to do ‘whatever it takes’ to save the Eurozone. Under the #OMT, it was possible to purchase debt securities on the market. 2/