ECB Bond Reinvestments No 'Panacea' for Southern European Debt, UBS Warns
KONTAN.CO.ID - Gearing reinvestments of pandemic-era bond purchases back into stressed markets may not be enough to prevent unmanageable divergences in borrowing costs across the euro area as the ECB hopes after ending its bond buying. UBS warned on Friday.
So-called fragmentation, when the premium investors demand to hold bonds from lower-rated states over Germany rises too much, challenges the European Central Bank's ability to transmit monetary policy effectively.
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