If French bond yields rise significantly to 6-7% (as they did during the financial crisis above 5%), the ECB will likely intervene using its Transmission Protection Instrument (TPI) to suppress yields, even though this is unconditional and undemocratic compared to the original Outright Monetary Transactions program.

forecastpending

Speaker

William White

Evidence Quote

I think about it in terms of it's going to be like the European crisis but at the core now with with France being the the object of uh of concern

Source

Former Chief Economist (BIS) Explains Monetary EndgameReinvent Money
Created: 8/11/2026, 7:24:53 AM

My Notes

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