{"id":35964,"date":"2016-06-13T00:00:00","date_gmt":"2016-06-12T22:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/articulos\/financial-stability\/"},"modified":"2026-04-09T12:44:43","modified_gmt":"2026-04-09T10:44:43","slug":"financial-stability","status":"publish","type":"articulos","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/financial-stability\/","title":{"rendered":"Financial Stability"},"content":{"rendered":"<p>Last week, the European Central Bank began purchasing corporate debt. And everything was very transparent, as could hardly be otherwise. What are the consequences? I am among those who believe that markets anticipate the future, and a measure of this kind\u2014announced almost three months ago\u2014had already been largely priced in by the market: a tightening of &#8220;spreads&#8221; as a synonym for risk appetite (especially for the risk the central bank buys). The important thing is not so much to assess whether it has had an effect or not, but rather the reasons behind a measure of this kind.   <\/p>\n<p><a href=\"https:\/\/aebanca.es\/wp-content\/uploads\/2017\/12\/00-201601363.pdf\">Download the article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Central Bank began buying corporate debt last week. What is my fear? That the ECB&#8217;s exceptional measures will be prolonged beyond what is necessary.  <\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","etiquetas":[287,328,312,329],"class_list":["post-35964","articulos","type-articulos","status-publish","hentry","etiquetas-banca","etiquetas-bce","etiquetas-jose-luis-martinez","etiquetas-prima-de-riesgo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Stability<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/articulos\/financial-stability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Stability\" \/>\n<meta property=\"og:description\" content=\"The European Central Bank began buying corporate debt last week. What is my fear? 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