In the second phase, the PEPP increasingly became a tool for steering the overall monetary policy stance. Its size and duration became the key parameters for loosening financing conditions and pushing down the euro area yield curve to the low levels observed last December.
To take an extreme but by no means implausible example, should a BTL investor be allowed to walk away from a debt after, say, three or even five years when they have the capacity to make payments for a longer period and if the consequence of their non-payment is a greater burden on the taxpayer?