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ECB fails to fully offset bond purchases
The European Central Bank failed to attract the 203.5 billion euros from banks on Tuesday needed to offset its euro zone government bond purchases, instead managing to draw just over 194 billion euros. The failure was the ECB's first since May. The pace of the ECB's government bond purchases picked up last week as the bank spent 8.6 billion euros in its ongoing attempt to calm euro zone debt markets. The central bank takes seven-day deposits from commercial banks on a weekly basis to offset its spending in order to ensure inflation pressures do not build up due to additional money in the financial system. The ECB ... (full story)
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