Dutch economists back OMTs

Working paper finds evidence in support of ECB policy


The European Central Bank's (ECB) outright monetary transactions (OMTs) were a justified response to financial fragmentation in the eurozone, according to a working paper published today by The Netherlands Bank.

In The impact of sovereign and credit risk on interest rate convergence in the euro area, Ivo Arnold and Saskia van Ewijk attempt to quantify how different types of risk have impacted bank retail rates in the region.

They find the variation in sovereign risk across member states accounts

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