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Draghi has his back to the wall
Mario Draghi, the European Central Bank president, indicated in September that the latest measures to boost faltering eurozone inflation and get the economy moving again could increase the ECB’s balance sheet up by to €1 trillion. In reality, he doesn’t have full control of the ECB’s arsenal of credit-easing weapons. As has become clear through banks’ relatively low desire to take up new ECB liquidity facilities, as well as the only limited volumes of asset-backed securities and covered bonds available for ECB purchases, the actual balance sheet increase will be much less than €1 trillion. The total stock ... (full story)
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