The ‘Visible Hand’ of the ECB’s Quantitative Easing. CEPS Working Document No. 407/May 2015

Quantitative easing à la ECB has produced so far an impact on long-term nominal rates through ex ante channels: signalling channels, term duration channels, and risk premia channels. The term duration channel will also lead to a lengthening of the average maturity of government debts, with possible implications for fiscal policy. The ECB’s determination to buy government bonds in a fragmented market with a low net supply may also produce an ex post impact, during the actual asset purchases, but less on nominal rates and more on financial plumbing, as recent volatility suggests. As the effects of scarce supply in collateral markets are felt, repo rates remain well below zero. Lower supply and limited re-usability of high quality collateral, capped by regulatory requirements, is a constraint on market liquidity and compresses dealers’ balance sheets. By keeping a depressed yield curve and asset prices high, QE may also accelerate the consolidation of both traditional and capital-market based (dealer) bank business models. What is less clear is how these changing business models will interact with the sharp rise of the asset management industry in the aftermath of the crisis, which raises questions about the implications for global collateral flows and deposit-like funding channels.

Selbstbestimmung und Parteien in Südtirol: Territoriale und europäische Parteistrategien zwischen Autonomie und Sezession = Self-determination and parties in South Tyrol: Territorial and European party strategies between autonomy and secession. EDAP Paper 03/2016 03/2016

Since the final conflict settlement between Italy and Austria in 1992, ethnic politics in South Tyrol experienced insightful transformations. The consociational political system, which was implemented to tame centrifugal tendencies, has been losing its balance over the last decade, with proautonomy stances ceding ground to secessionist pressure in the Germanspeaking intra-ethnic arena. Adopting a contextual and strategic perspective on self-determination, this article traces the evolution of ethno-regionalist party strategies on the territorial and European dimension of party competition through a quantitative and qualitative content analysis of their electoral manifestos in the period between 1993 and 2013. In line with newest research on party strategies, the article empirically shows the strategic capacity of ethnic minority parties to challenge each other not only by shifting their positions on the different issue dimensions but also by the reframing of issues. While the increasing competition on the center-periphery axis leads to a new territorial frame, the rise of secessionism is accompagned by an end to the pro-European elite consensus.