// definition
TPI
Transmission Protection Instrument
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Short definition
ECB instrument announced in July 2022 for secondary-market purchases in response to unwarranted tensions threatening monetary-policy transmission. The Governing Council assesses fiscal policies and debt sustainability, among other criteria. An excessive deficit procedure alone does not exclude a country taking the required effective corrective action. Activation remains discretionary.
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Knowledge map
Intuition
Potential monetary support depends on economic and fiscal criteria and a decision by the Governing Council.