FT.COM
"Like a whodunit writer, Mario Draghi is good at building suspense and a “yikes, how will he solve this one?” sensation. In December, when the eurozone last faced meltdown, the European Central Bank president wrongfooted markets by providing unlimited three-year loans to the eurozone financial system: the pundits had expected a revamped government bond-buying programme.
Eight months later, the uplifting effects of the longer-term refinancing operations, which saw the ECB pump more than €1tn into banks, have faded. Once again the ECB’s existing bond-buying instrument is unlikely to be his weapon of choice, at least in its current form, argues Ralph Atkins"
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