Rutte meldde gisteren in het Eenvandaag debat dat de acties van de ECB niet zouden leiden tot geldverruiming. Rutte zegt daarbij niet dat dit terughalen van het geld uit de markt absoluut geen uitgemaakte zaak is. Daarmee is dit op z’n minst weer een verdraaiing van de waarheid van Rutte.
In any event, the ECB hasn’t always been successful in soaking-up the excess liquidity injected into the system via bond purchases. Notably in June 2010 and in November of 2011, bids for the term deposits came-up short by around 23 billion euros and 9 billion euros respectively. Over all, the ECB has failed to sterilize its purchases on at least six separate occasions. The problem is that banks are the most unwilling to part with their cash when anxiety peaks which of course is likely to coincide with spikes in periphery short-term yields. In other words, the bond buying is likely to coincide with cash hoarding, raising considerable doubts about the ECB’s ability to ‘soak-up’ the liquidity it pumps out. In turn, this raises the possibility that the ECB will fail to soak-up enough of the excess cash to keep inflation expectations in check and to keep its credibility from being questioned
Voor een uitgebreide beschrijving van het nieuwe opkoopprogramma van de ECB -link-