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‘Whatever it takes’ and the role of Eurozone news

Minke Van Der Heijden, Roel Beetsma and Ward Romp

Applied Economics Letters, 2018, vol. 25, issue 16, 1166-1169

Abstract: This letter shows that the ‘Whatever it takes’ speech by ECB President Draghi on 26 July 2012 and the ensuing installation of the Outright Monetary Transactions’ framework are associated with a reduction in the domestic and cross-border effect of Eurozone news on absolute yield changes in Eurozone sovereign debt. These results are consistent with the popular view that these actions helped to avoid a collapse of the Eurozone.

Date: 2018
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