Peripherals’ reliance on short term ECB funding puts downward pressure on Eonia

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Peripherals’ reliance on short term ECB funding puts downward pressure on Eonia

Banks in peripheral countries are becoming increasingly reliant on short term funding from the European Central Bank, according to research published by Morgan Stanley on Tuesday. This increasingly bifurcated European banking system could dramatically widen the gap between benchmark overnight and longer term money market lending rates.

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