Why ECB’s TLTRO Fizzled: European Balance Sheets Are Saturated With Debt Already

It seems European banks are not all that eager to take up more central bank credit. The ECB has begun to offer its dirigiste “targeted long term refinancing operations” at a spread of 10 basis points above the repo reference rate. Since the repo rate was lowered from 0.15% to 0.05% at the last ECB…

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Why ECB’s TLTRO Fizzled: European Balance Sheets Are Saturated With Debt Already

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