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What is the ECB to Do?
The European Central Bank meets tomorrow. The focus is on the details of the asset-backed securities and covered bond plan that was announced last month. There are three key issues related to this new initiative: What instruments will be purchased, how much will be bought, and how long will the purchase program last? The ECB will buy the safest tranche of the asset-backed securities. The initial proposal that it could buy riskier tranches if guaranteed by national governments was quickly rebuffed not only by Germany, which has been critical of the purchase plan, but also France. Since the crisis erupted several years ... (full story)
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