Thijs v Meekeren
@ThsHwg
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Engineer with experience in energy, production and logistics
Amsterdam
Joined December 2021
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Thijs v Meekeren Retweeted
Italy Debt Conundrum
1. Italy needs low rates to be sustainable
2. But private investors won't buy at low rates
3. Which means that the ECB is the only buyer
4. At low rates there's de facto no market access
5. There's also no incentive for Italy to change
6. And on it goes...
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Thijs v Meekeren Retweeted
This is not anti-fragmentation.
It is subsidising reckless behaviour at the expense of the other eurozone members.
Via
@FT
@jose_basa
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Thijs v Meekeren Retweeted
The current ECB policy stance
1. QE has ended for most Euro zone countries
2. But there's quantitative tightening (QT) for some
3. Countries getting QT are Germany & Netherlands
4. Meanwhile, QE de facto continues in other places
5. Those still getting QE include Italy and Spain
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Thijs v Meekeren Retweeted
An ECB turning point
1. ECB QE has been broad-based
2. Gov't debt holdings rose everywhere
3. But this is now about to change radically
4. PEPP reinvestments skew towards Italy
5. So QE de facto continues for Italy
6. While we've got QT elsewhere
7. Is this still monetary policy?
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Thijs v Meekeren Retweeted
10 years ago: "within our mandate, within our mandate…”
Happy Whatever-it-takes day to those who observe! 🇪🇺
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Thijs v Meekeren Retweeted
Greek government rejects opposition’s call for transparency in EU funds distribution –
@EURACTIV
By Spiros Sideris reporting from Athens
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Thijs v Meekeren Retweeted
Italy places the ECB against an impossible choice: a low conditionality tool (e.g. a ceiling on spreads) that allows populists to be populists? A tougher one that forces sensible choices but risks a return of the Euro crisis? Choices that a central bank should not have to make.
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Thijs v Meekeren Retweeted
Dit ( ) is en groot probleem. Niet alleen het opstappen zelf en mogelijke politieke chaos maar de reden, namelijk dat er partijen zijn die geplande econ hervormingen te ver vinden gaan. Terwijl het vooral laaghangend fruit is en Italië veel meer moet doen.
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Thijs v Meekeren Retweeted
You can cut some energy usage by tightening efficiencies and encouraging good behaviour, but make no mistake: a 15% cut in gas usage across the EU means colder, darker homes, idled factories, smaller economies and - almost inevitably - widespread public anger at governments
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Thijs v Meekeren Retweeted
Whatever happened to the EU treaty ban on monetary financing? Also, in democracies, governments are supposed to be financed by taxes, signed off by parliaments, not by central banks artificially limiting the cost for states to borrow, at the expense of savers.
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Thijs v Meekeren Retweeted
Sono più di 3,3 milioni
Sono gli italiani che hanno scelto di vivere e lavorare all'estero
Il 9% della popolazione totale del paese
il 15% della popolazione lavorativa
Una emorragia di persone, ricchezza e conoscenza
Ed ogni anno, questo numero, cresce
#CrisItalia
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Thijs v Meekeren Retweeted
So the debate over the new ECB anti-fragmentation tool isn't just about market discipline. It's about what kind of conditionality is optimal in a tool that caps spreads. Conditionality and some stigma serve an important purpose. They discourage excessive use & encourage reform...
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