La BCE non sosterrà il prestito UE all’Ucraina finanziato dai beni russi congelati in Belgio

According to a report in the Financial Times, European Commission officials hoped that the ECB would step up as a lender of last resort to Euroclear. However, the ECB said this is “not under consideration”. The ECB manages the euro currency and conducts monetary policy for the 19 EU Member States that have adopted it.

According to the ECB’s internal analysis, the proposal equates to providing direct funding to governments, violating the ECB mandate. This practice, which economists call “monetary financing”, is banned in the EU Treaties because of evidence suggesting it results in high inflation and loss of central bank credibility.