Policy Briefs

G. L. Tosato: Legal considerations on the Avgouleas-Micossi proposal

Recently, Micossi (2020) and Avgouleas and Micossi (2021) proposed to transfer the sovereign bonds purchased by the ESCB to the ESM in order to counter the recessive effects of the pandemic and the low growth of inflation. This policy brief offers an assessment of the legal and institutional practicability of that proposal.

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