2017年-ECB欧洲央行_Letter_from_the_ECB_President_to_Mr_Enrique_Calvet_Chambon_MEP_on_monetary_policy_2页_84kb

ECB President Draghi's Response to MEP Calvet Chambon's Letter

Core Content

In response to a letter from Mr Enrique Calvet Chambon, a Member of the European Parliament, ECB President Mario Draghi addresses concerns regarding the impact of the European Central Bank's Asset Purchase Programme (APP) on capital flows to emerging economies and the issuance of foreign currency debt by these economies.

Main Points

• APP's Impact on Capital Flows:
  The ECB states that there is no evidence that the APP has led to a significant increase in capital flows to emerging economies. Instead, euro area investors have primarily rebalanced their portfolios toward foreign debt securities of advanced economies, such as the United States and the United Kingdom.

• Percentage of Purchases Directed to Advanced Economies:
  Approximately 80% of the net purchases of foreign bonds by euro area investors since the beginning of 2015 were directed toward advanced economies. This indicates a shift in investment behavior rather than an increase in capital flows to emerging markets.

• Debt Issuance in Emerging Markets:
  The APP has not induced significant issuance of foreign currency debt in emerging market economies. In fact, debt issuance in euro by non-financial corporations in these economies was lower in 2015 and 2016 compared to 2014. However, issuance in US dollars remains significantly higher than in euro.

• Corporate Sector Purchase Programme (CSPP):
  The CSPP is a component of the APP that aims to improve the transmission of Eurosystem monetary policy to the real economy. It focuses on securities denominated in euro and issued by corporations in the euro area.

• Eligibility Criteria of CSPP:
  The eligibility criteria for the CSPP are designed to be broad and inclusive. This includes:

  • No minimum issuance amount
  • Eligibility of short-dated debt instruments
  • Focus on high credit quality securities

• Benefits for SMEs:
  Even companies that do not issue securities, such as small and medium-sized enterprises (SMEs), can benefit from the CSPP. The improved bond market conditions for large companies due to the CSPP make it more attractive for SMEs to access funding. This indirectly encourages banks to provide more loans to SMEs by utilizing the increased credit space on their balance sheets.

Key Information

• Date of Letter: 10 January 2017
• Recipient: Mr Enrique Calvet Chambon, Member of the European Parliament
• Sender: Mario Draghi, President of the European Central Bank
• Reference: L/MD/17/11
• Context: The letter was passed on by Mr Roberto Gualtieri, Chairman of the Committee on Economic and Monetary Affairs, on 29 November 2016.

Conclusion

The ECB emphasizes that its monetary policy tools, particularly the APP and its sub-programme CSPP, are primarily focused on supporting the euro area economy. While the APP has influenced portfolio rebalancing, it has not significantly increased capital inflows to emerging economies. The CSPP, by promoting euro-denominated corporate bonds, helps to improve financing conditions for the real economy and indirectly supports SMEs through the broader financial system.