On 21 July 2022, the ECB announced a new instrument, the Transmission Protection Instrument (TPI), to “ensure that the monetary policy stance is transmitted smoothly across all euro area countries” as the ECB continues policy normalisation.
The TPI is ostensibly supposed to protect the monetary policy transmission mechanism (MTM). There is strong evidence that with interest rates above zero, the MTM in the euro area
The Transmission Protection Instrument - European Central Bank
2022年7月21日 · The TPI will be an addition to our toolkit and can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area. By safeguarding the transmission mechanism, the TPI will allow the Governing Council to more effectively deliver on its price stability mandate.
INTRODUCTION. On 21 July, the European Central Bank (ECB) formally announced the adoption of the Transmission Protection Instrument (TPI). This new instrument is officially designed to ensure that the key monetary policy instrument, the interest rate, applies throughout the …
Transmission Protection Instrument (TPI) - Deutsche Bundesbank
On 21 July 2022, the ECB Governing Council approved the establishment of a transmission protection instrument (TPI). The TPI is intended to support the effective transmission of monetary policy and ensure that the monetary policy stance is …
Monetary policy statement (with Q&A) - European Central Bank
2022年7月21日 · We decided to raise the three key ECB interest rates by 50 basis points and approved the Transmission Protection Instrument (TPI). The Governing Council judged that it is appropriate to take a larger first step on its policy rate normalisation path than signalled at its previous meeting.
The ECB’s Transmission Protection Instrument
2023年7月6日 · The Transmission Protection Instrument (TPI) of the European Central Bank (ECB) fills a gap in the Economic and Monetary Union governance framework. It is designed to allow bond purchases of individual euro states under certain circumstances in order to contain unwarranted interest rate hikes.
The TPI - Publications Office of the EU
2023年1月5日 · The European Central Bank has announced a new facility, the Transmission Protection Instrument (TPI), to safeguard the monetary policy transmission mechanism (MTM). The euro area is more robust and resilient today than in past euro crises. The TPI should therefore focus on short-term instruments in which threats for the MTM may reside.
The TPI will be an addition to our toolkit and can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area. By safeguarding the transmission mechanism, the TPI will allow the Governing Council to more effectively deliver on its price stability mandate.
【分析文章】欧央行新货币政策工具--传到保护工具 (Transmission …
2022年7月22日 · 具体而言，四项基本标准包括： (1)遵守欧盟财政框架； (2)未出现严重的宏观经济失衡； (3)财政可持续性:为了确定公共债务的轨迹是可持续的，欧洲央行管理委员会将在有条件的情况下考虑欧盟委员会、欧洲稳定机制、IMF和其他机构的债务可持续性分析，以及欧洲央行的内部分析； (4)健全和可持续的宏观经济政策。 3、激活条件. 管理委员会将基于市场指标、货币政策传导指标、资格标准进行全面评估。 理事会启动TPI的决定将基于对市场和传导指标的综合 …
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