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Nicolas Pinaud

Nicolas Pinaud

Deputy Director of the OECD's Directorate for Financial and Enterprise Affairs; economist and sovereign debt expert.

Jun 10, 2026

15:36
Whatever it takes, exactly.
15:37
Um, so it was really to reestablish, uh, um, um, proper functioning of, uh, the monetary policy transmission mechanisms first and foremost.
15:46
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.
16:00
So, so the, the extra mile was indeed to go with, um, to go for, uh, quantitative easing.
16:06
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.
16:26
So their balance sheet really, uh, increased, uh, massively during this, uh, decade.
16:33
Uh, their holdings of bonds, uh, as a percentage of total holdings also increased very much, as you mentioned, uh, Paola.

5 MINS LATER

22:06
Yeah.

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