Abstract

The essay focuses on ECB refinancing operations and purchase programmes from three different perspectives. First of all it analyses the role of rating agencies and the danger of disruption to the monetary policy transmission mechanism; then, it peruses the consequences of purchase programmes on income and wealth distribution; eventually it examines the effects of such programmes on credit risk allocation among ECB, State central Banks and private financial institution. The essay argues that the "European fiscal constitution" prevents ECB from implementing measures that can rescue euro economy.