[19] Indeed, one explanation for the superior inflation performance of the United States relative to the euro area in recent times is that monetary and fiscal policies were more aligned. From 2013 to 2018, fiscal policy in the euro area tightened by around 2.5 percentage points of GDP, compared with a loosening of around 0.8 percentage points in the United States.
Furthermore, a medium-term project for the next generation of collateral management has been launched under the name of “Collateral Central Bank Management” (CCBM2), the objective of which is to consolidate and enhance the efficiency of the Eurosystem’s collateral management systems to the benefit of eligible counterparties.