LTRO needs discrimination

07 Feb 2012

The European Central Bank’s long term refinancing operation has been put to good use by the European banking sector. But its lack of discrimination raises dependency and, longer term, increases systemic risks.

The European Central Bank’s long term refinancing operation has bought much needed time and prevented a potential collapse of Europe’s weakest banks. As well as providing crucial funding, the LTRO has allowed banks to shore up their capital positions by buying back their own bonds at levels well ...

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