Det är bra med en självständig Riksbank med rörlig växelkurs; Brandförsäkringsargumentet

¨Det ser ut att vara lättförtjänta pengar för Riksbankens direktion.


– Det är inte så att Riksbanken slaviskt följer ECB vid varje beslut, men de kan i praktiken inte avvika med flera procentenheter, säger Harry Flam.

 – Saken är den att internationella kapitalrörelser har vuxit i omfattning de senaste 20 åren och det är de som bestämmer växelkursen

 Ivana Vujic SvD 11 september 2025

https://www.svd.se/a/xmaMj8/vagar-riksbanken-gasa-nar-ecb-pausar


 "Independence does not mean that you don't answer the phone" 

"Independence means the right to say no." 

Willem Buiter

https://englundmacro.blogspot.com/2015/01/willem-buiter-helicopter-money-and.html


If Germany were suddenly to say “nein” to PSPP one or more eurozone countries could be forced to crash out of the monetary union.

https://englundmacro.blogspot.com/2020/05/if-germany-were-suddenly-to-say-nein-to.html


Target 2


Mer här:

Italy’s debts to European Central Bank near €500bn

Germany’s Target 2 surplus is on track to reach €1tn.
FT 9 July 2018

Today, debtor and creditor positions inside the European System of Central Banks surpass their scale during the crisis of 2012.
Martin Wolf chief economics commentator Financial Times 22 May 2018

The Bundesbank’s Target2 credits to the ECB system - mostly to Italy and Spain - are €927bn and rising.



ECB, OMT, TPI, QT and The Pandemic Emergency Purchase Programme


The ECB's Transmission Protection Instrument, for example, was approved in July 2022. It helped to quell an Italian political wobble, but it remains more of a conceptual tool than a real-life bazooka
ECB’s €500 Billion TLTRO 


Brandförsäkringsargumentet

https://www.nejtillemu.com/andersferm.htm


 Calmfors: euron kan utgöra en ”försäkring” mot att lämna EU därför att det blir mycket svårare om man då också måste återinföra en nationell valuta.

https://englundmacro.blogspot.com/2024/05/calmfors-euron-kan-utgora-en-forsakring.html


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