If poorly managed, it could increase the cost of central clearing. A clear timetable, good cooperation between regulators and careful preparation by market participants would be necessary to ensure a smooth transition. I believe that it is feasible. The European Commission will shortly be making legislative proposals to address systemic risk related to CCPs.
A perhaps even more important argument against an artificial stimulation of the economy through the creation of money, lower interest rates and higher inflation, is that in a globalised economic environment this may lead to the withdrawal of foreign capital.