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School of Law

The ECB's Transmission Protection Instrument: A Legal & Economic Analysis

Date: 31 October 2022

On Monday 31 October 2022, the Sovereign Debt Forum (a joint initiative of Georgetown IIEL and QMUL CCLS) together with the London Financial Regulation Seminar held a roundtable discussion on the ECB’s Transmission Protection Instrument (TPI).

The TPI was announced by the ECB on 21 July 2022 and is conceived as an anti-fragmentation tool in sovereign debt markets with the aim to support the effective transmission of monetary policy. The controversy surrounding this yet-to-be-activated instrument, in the light of rising inflation in the eurozone, was debated by a panel moderated by Professor Rosa Lastra (CCLS).


  • Lee Buchheit - Visiting Professor of CCLS, Queen Mary and of the University of Edinburgh
  • Daniel Gros - Director of the Centre for European Policy Studies, CEPS, Brussels
  • Ignazio Angeloni - European University Institute (EUI) and SAFE (Goethe University Frankfurt)
  • Luis Garicano - Visiting Professor of Economics, Columbia Business School 
  • Sara Dietz - Ludwig-Maximilians-Universität München (LMU)
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