Übersetzung für "Anleihekaufprogramm" in Englisch

Volker Wieland views ECB bond-buying program critically ("Focus")

One possible explanatory approach for the specialness on the repo market is the Eurosystem asset purchase programme.

The European Central Bank maintained its zero-interest policy and initially decided to expand its bond purchasing program.

According to our estimates, the ECB's bond purchasing program has pushed German long-term yields down considerably.

The ECB announced on Thursday that it would prolong its controversial bond-buying programme until March 2017.

To allay anxiety about government profligacy, the ECB built conditionality into its bond-purchase program.

The European Central Bank has just started a €1.1 trillion ($1.17 trillion) bond-purchase program to bypass the German veto on fiscal expansion.

Finally, Asian and Middle Eastern central banks or sovereign wealth funds could take advantage of the ECB's bond-purchase program to sell increasing proportions of their German, French, or Italian debt and reinvest the proceeds in higher-yielding US Treasury securities.

Last year, many investors questioned the ECB's ability to launch a bond-buying program in the face of German opposition, and many others doubted the Fed's willingness to tighten monetary policy, because doing so could choke off the US economic recovery.

While a new round of weakness in global commodity prices earlier this year contributed to these figures, it does not explain the weakness in longer-term inflation expectations, which have improved little since March, when the ECB started its massive €60 billion ($66.3 billion) per month bond-buying program.

For starters, achieving it requires overcoming the negative impact of the jump in long-term interest rates that followed the Federal Reserve’s announcement last June that it would likely end its asset-purchase program this year.

Similarly, with its outright monetary transaction (OMT) program, the European Central Bank has offered to buy peripheral eurozone countries’ sovereign bonds in the secondary market – provided that they sign up to agreed reforms.

The bond-buying programme has recently been extended to the end of 2017 and the total volume has increased to a staggering 2,500 billion euro.

In his opinion, the European Central Bank (ECB) is likely to continue the bond-buying program after March 2017.

In early December, the ECB extended its bond purchasing program until the end of 2017, causing the DAX to rise to a high of 11,481.06 points by the end of the year.

On 10 March 2016, the ECB Governing Council took the decision to add a corporate sector purchase programme (CSPP) to the asset purchase programme.

Towards the end of this year at the latest the ECB will have to indicate whether it will start tapering at the end of March 2017 (and if yes, in what form) or whether the bond purchasing program is to be extended.

With a view to the risks that were building up due to the expansionary monetary policy, Wieland said: "The ECB should end the bond-buying program sooner rather than later".

Oct 26, 2017 ECB: Preserve flexibility We view critically the European Central Bank's decision to extend its bond purchasing program beyond the end of 2017 until well into 2018.

In September, the new bond purchase programme (Outright Monetary Transactions – OMT), which under certain strict conditions is to make possible the unlimited purchase of bonds mainly at the short end, was presented to the public.

Instead, it is mainly the result of the asset purchase programme and the way in which the non-euro area banks from which the euro area central banks purchase bonds settle these purchases.

While the Fed was not willing to raise interest rates as early as expected, despite good economic data, the ECB stuck to a comprehensive bond purchasing programme.

In Europe, many investors have yet to fully grasp that the ECB, which now owns as much as 30 per cent of the European investment-grade market, is set to begin to unwind its asset-purchase programme next year.

Thereafter, the bond purchasing program of the European Central Bank also served to further improve financing conditions and costs.

The main source of bullishness for the Euro – rising German yields – was abruptly removed from the equation by mid-week, when ECB Vice-President Benoît Coeuré said that the central bank would increase its pace of bond-buying in the short-run in order to balance out the lack of liquidity in markets (thereby making it more difficult for the ECB to achieve its monetary policy goals) in July and August.

DIW Berlin and CEPR will host the conference on the role of the European Central Bank and its bond purchasing programme OMT.

The bond-buying programme announced by the ECB last week will only revive the Eurozone if crisis countries like Greece receive debt relief at the same time, economist David McWilliams explains in his blog: "If debts - both national and personal - aren't dealt with, people will have too much debt and won't be prepared to borrow and the banks will have too much bad debt and they won't be willing to lend.