MEPs’ transparency demands could worsen CSPP distortion

ECB 230x150 euro sculpture
By Michael Turner, Victor Jimenez
01 Jun 2017

A group of European parliamentarians is pressing Mario Draghi, president of the European Central Bank (ECB), to make full disclosure of the corporate bonds the Eurosystem central banks have been buying under quantitative easing. But bond specialists believe transparency would backfire, sparking new market distortions, write Victor Jimenez and Michael Turner.

Since last June, six eurozone central banks, coordinated by the ECB, have bought €89bn of corporate bonds, as part of the ECB’s Corporate Sector Purchase Programme (CSPP), which is designed to stimulate Europe’s economy and stave off deflation.

The ECB’s bond buying has had a strong influence on ...

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