TLTRO III: one step forward, two steps back?

The European Central Bank’s new funding programme has not ended up being what it was supposed to be — a way of departing from the old market order.

  • By Tyler Davies
  • 07 Mar 2019

There was little euphoria in Europe when Mario Draghi, president of the ECB, said that there would be a new version of the targeted longer-term refinancing operations (TLTROs) from September.

The need for more ECB handouts was already well flagged. Banks were facing a “cliff-edge” of maturities from the ...

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