
Nicolas Pinaud
Deputy Director of the OECD's Directorate for Financial and Enterprise Affairs; economist and sovereign debt expert.
1
APPEARANCES
1
PODCASTS
012
DEC 30
JAN 6
JAN 13
JAN 20
JAN 27
FEB 3
FEB 10
FEB 17
FEB 24
MAR 3
MAR 10
MAR 17
MAR 24
MAR 31
APR 7
APR 14
APR 21
APR 28
MAY 5
MAY 12
MAY 19
MAY 26
JUN 2
JUN 9
JUN 16
JUN 23
JUN 30
JUL 7
JUL 14
JUL 21
JUL 28
AUG 4
AUG 11
AUG 18
AUG 25
SEP 1
SEP 8
SEP 15
SEP 22
SEP 29
OCT 6
OCT 13
OCT 20
OCT 27
NOV 3
NOV 10
NOV 17
NOV 24
DEC 1
DEC 8
DEC 15
DEC 22
DEC 29
JAN 5
JAN 12
JAN 19
JAN 26
FEB 2
FEB 9
FEB 16
FEB 23
MAR 2
MAR 9
MAR 16
MAR 23
MAR 30
APR 6
APR 13
APR 20
APR 27
MAY 4
MAY 11
MAY 18
MAY 25
JUN 1
JUN 8
JUN 15
JUN 22
JUN 29
JUL 6
JUL 13
JUL 20
JUL 27
AUG 3
AUG 10
AUG 17
AUG 24
AUG 31
SEP 7
SEP 14
SEP 21
SEP 28
Jun 10, 2026
Global debt in a higher debt world
15:37
15:46
16:00
16:06
16:26
16:33

Nicolas PinaudGUEST
Um, so it was really to reestablish, uh, um, um, proper functioning of, uh, the monetary policy transmission mechanisms first and foremost.

Nicolas PinaudGUEST
It was also a way to, um, deal with a situation where interest rates of central banks were basically at zero and, and, and still, uh, monetary policy was not having the impact that, uh, central bankers wanted, uh, it to have.

Nicolas PinaudGUEST
So, so the, the extra mile was indeed to go with, um, to go for, uh, quantitative easing.

Nicolas PinaudGUEST
Uh, so they intervened massively on, on corporate, uh, on not only, not primarily on corporate bond markets, sovereign bond markets first, and, and then to some extent on corporate bond markets, buying assets and, uh, accepting, uh, also, um, typically corporate bonds as a collateral also for, uh, lending to, to, to banks.

Nicolas PinaudGUEST
So their balance sheet really, uh, increased, uh, massively during this, uh, decade.

Nicolas PinaudGUEST
Uh, their holdings of bonds, uh, as a percentage of total holdings also increased very much, as you mentioned, uh, Paola.
5 MINS LATER
