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Juli 20, 2018

Is it possible to call the political regime of the euro democracy?

The decline in the ECB’s purchases of Italian government bonds has generated unprecedented scrutiny in Europe of the nature of such interventions. In its bond purchase programme, called Public Sector Purchase Programme (PSPP), the European Central Bank (ECB) is obliged to purchase sovereign debt bonds of the various member states participating in the capital of the ECB in a proportion equivalent to their share of the capital of the institution, which is called the ”Capital Key”.

The purchase of bonds from Italy and Spain in such a programme should therefore correspond to their capital key of 17.5% and 12.6% respectively.

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