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Olivier Blanchard x.com
Good question, even if framed too aggressively. But the answer is no. During QE, given the zero lower bound that prevented further decreases in policy rates, the ECB bought long maturity national bonds, including those of France, so as to decrease long-term interest rates and help countries, including France. Now, as we are away from the lower bound, there are few reasons to keep as many of them. As these are sold (or not rolled over at maturity) through QT, this indeed likely increases long rates a bit and makes it harder for France to adjust. If selling these bonds turns out to be strongly…
interest ratespreventedmaturity
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10 August
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