Drivers of European public debt management
(World News Austria)

Working Paper Series Guido Wolswijk Drivers of European public debt management No 2437 / July 2020 Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Abstract This study analyses the choice of government debt managers in the euro area between issuing short‐term or long‐term debt over the period 1992‐2017. Debt managers increased short‐term debt issuance in response to higher interest rate spreads and to rising government debt, notably in vulnerable, high‐debt countries. Thus, lower long‐term rates as a result of ECB`s Quantitative Easing (QE)...