The ECB's toxic bond-purchase programme
By Lars P. Feld, Clemens Fuest and Volker WielandBERLIN — With eurozone inflation rising rapidly, the European Central Bank (ECB) recently increased its benchmark interest rate by 50 basis points and introduced a new asset-purchase programme, the Transmission Protection Instrument (TPI), aimed at limiting yield differentials between member states’ bonds. But the ECB’s latest