{
  "kind": "story",
  "slug": "isabel-schnabel-monetary-and-financial-stability-can-they-be-8608638",
  "id": 1774515646978608638,
  "record_id": 1774240269127243231,
  "headline": "Isabel Schnabel: Monetary and financial stability - can they be separated?",
  "summary": "",
  "source": "ecb-speeches",
  "source_url": "https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230519~de2f790b1c.en.html",
  "home_domain": "economics-business-work",
  "claim_type": null,
  "sentiment": "mixed",
  "significance": "high",
  "claim_count": 110,
  "reading_time_minutes": 10,
  "published_date": "2023-05-19",
  "created_on": "2026-05-31T08:20:50.181124+00:00",
  "claims": [
    {
      "id": 1780215651150127544,
      "text": "A fundamentally sound, well-regulated financial sector protects central banks from any form of financial dominance, allowing them to focus on their primary mandate of price stability.",
      "evidence_type": "direct_quote",
      "confidence": "stated",
      "home_domain": "economics-business-work",
      "published_date": "2023-05-19"
    },
    {
      "id": 1780215651134622785,
      "text": "Separation between monetary and financial stability considerations can be ensured if financial disturbances are caused by market dysfunction and liquidity issues rather than solvency concerns.",
      "evidence_type": "paraphrase",
      "confidence": "stated",
      "home_domain": "economics-business-work",
      "published_date": "2023-05-19"
    },
    {
      "id": 1780215651202424605,
      "text": "Quick ECB action prevented market dysfunction and aligned with expansionary monetary policy needed to counter projected inflation drops.",
      "evidence_type": "paraphrase",
      "confidence": "stated",
      "home_domain": "economics-business-work",
      "published_date": "2023-05-19"
    },
    {
      "id": 1780215651250603582,
      "text": "The TPI episode is an example of successful separation between monetary and financial stability objectives.",
      "evidence_type": "paraphrase",
      "confidence": "stated",
      "home_domain": "economics-business-work",
      "published_date": "2023-05-19"
    },
    {
      "id": 1780215651310486560,
      "text": "Temporary liquidity provision would likely have been ineffective for SVB because the underlying problem was insolvency, not illiquidity.",
      "evidence_type": "paraphrase",
      "confidence": "stated",
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    },
    {
      "id": 1780215651118955206,
      "text": "The ECB's Composite Indicator of Systemic Stress (CISS) soared in tandem with long-term interest rates, indicating increased financial stress.",
      "evidence_type": "paraphrase",
      "confidence": "stated",
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    },
    {
      "id": 1780215651122154629,
      "text": "Implied volatility in the bond market rose significantly above its longer-term average, largely driven by uncertainty about future monetary policy.",
      "evidence_type": "paraphrase",
      "confidence": "stated",
      "home_domain": "economics-business-work",
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    },
    {
      "id": 1780215651126714145,
      "text": "Historically, global interest rate hiking cycles frequently coincided with bank or other financial distress.",
      "evidence_type": "paraphrase",
      "confidence": "stated",
      "home_domain": "economics-business-work",
      "published_date": "2023-05-19"
    },
    {
      "id": 1780215651130826181,
      "text": "The \"separation principle\" posits that monetary policy stance considerations can be separated from financial stability concerns.",
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      "confidence": "stated",
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    },
    {
      "id": 1780215651154378087,
      "text": "The \"separation principle\" can be interpreted as an application of the Tinbergen rule, which states that achieving a certain number of targets requires a policymaker to control at least an equal number of instruments.",
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      "text": "If a central bank has different instruments at its disposal, its actions to safeguard financial stability need not impinge on its ability to maintain price stability.",
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    {
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      "text": "The separation principle first appeared in ECB communication during the global financial crisis, emphasizing ample liquidity for transmission and conventional interest rates for policy stance.",
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    {
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      "text": "Purchases under the Securities Markets Programme (SMP), introduced in 2010, were fully sterilized via reverse repurchase operations.",
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      "text": "The distinction between conventional and non-conventional tools became unsustainable when inflation remained stubbornly below the 2% target and interest rates neared the effective lower bound.",
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    {
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      "text": "The ECB began using asset purchases for monetary policy stance reasons, complemented by forward guidance on interest rates.",
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      "text": "The 2021 monetary policy strategy review identified macroprudential regulation and supervision as the first line of defense against systemic financial risks.",
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    {
      "id": 1780215651182467584,
      "text": "Macroprudential policies are unlikely to be fully effective due to inaction bias and the lack of such policies for the non-banking sector.",
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      "text": "The ECB should consider financial stability in monetary policy deliberations even with macroprudential policies, as financial stability is a precondition for price stability.",
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      "text": "The Pandemic Emergency Purchase Programme (PEPP) was announced at the pandemic's onset due to sharply increased financial stress, dried-up liquidity, and volatility levels last seen in 2008.",
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      "text": "The CISS suggests the PEPP stabilized financial markets and restored investor confidence, likely preventing a severe financial crisis.",
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      "text": "The PEPP provided flexibility, allowing asset purchases to be allocated flexibly over time, across asset classes, and among jurisdictions.",
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      "text": "PEPP's flexibility protected monetary policy transmission in the euro area when sovereign spreads diverged rapidly beyond economic fundamentals.",
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      "text": "Sovereign spreads normalized after the PEPP announcement and an emerging agreement on European fiscal support.",
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      "text": "The euro area experienced negative annual inflation rates at the end of 2020, followed by a sharp upward trend in inflation.",
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      "text": "The desired monetary policy stance shifted from broad expansion to sharp tightening.",
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      "text": "The ECB first discontinued net asset purchases under the PEPP and APP before initiating interest rate hikes.",
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    {
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      "text": "A negative inflation surprise in the United States triggered sharp, unjustified movements in sovereign bond markets, raising fears of severe market dysfunction.",
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      "text": "The Transmission Protection Instrument (TPI) was created to prevent financial market fragmentation and ensure smooth monetary policy transmission across the euro area during policy normalization.",
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      "text": "The TPI allowed public sector securities purchases only in jurisdictions meeting specific eligibility criteria.",
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    {
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      "text": "The mere option of activating the TPI halted the disorderly and unwarranted rise in sovereign spreads.",
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      "text": "Since the TPI announcement, sovereign spreads have been range-bound and insensitive to rate expectation shifts despite repeated tightening shocks.",
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      "text": "A steep interest rate hiking cycle in the euro area would not have been possible without the TPI.",
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      "text": "The Bank of England intervened in autumn 2022 to address dysfunction in the long-dated UK government bond market.",
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      "text": "The UK government's \"mini budget\" announcement, including historic tax cuts and increased public borrowing, caused massive repricing in the gilt market.",
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      "text": "The gilt market repricing exposed risks at leveraged LDI funds, forcing large gilt sales in an illiquid market and threatening a self-reinforcing price spiral.",
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      "text": "The Bank of England announced a strictly time-limited and targeted backstop purchase facility for long-term UK sovereign bonds to restore market functioning.",
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      "text": "The Bank of England's bond purchases were announced to be reversed via timely and orderly asset sales.",
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      "text": "The Bank of England quickly restored market functioning through interventions while simultaneously starting active asset sales from its monetary policy portfolio.",
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      "text": "The Bank of England's balance sheet expansion from the LDI episode was short-lived and did not question the general monetary policy stance.",
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      "text": "A series of bank failures has shaken the US financial system since March 2023.",
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      "text": "SVB's deposits were concentrated among large, uninsured investors in the venture capital and technology sector, making it vulnerable to rapid, synchronized withdrawals amplified by social media.",
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      "text": "SVB held significant long-term US government bonds classified as \"held-to-maturity\" (HTM) assets, which were not marked to market.",
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      "text": "Rapid interest rate increases led to sharp unrealized mark-to-market losses in SVB's bond portfolio, raising solvency doubts and triggering a depositor run.",
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      "text": "SVB's equity and debt holders were wiped out, but large, uninsured depositors were spared losses.",
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      "text": "The Federal Reserve established the Bank Term Funding Program (BTFP) to accept devalued high-quality collateral at par without haircuts.",
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