With no first-tier data next week, markets will continue to ponder the net impact of ECB’s announcements. We stick with our initial view that their macroeconomic impact should prove to be positive over time. Moreover, one crucial aspect of the full package is that the decision was unanimous, suggesting that the governing council could easily make some further adjustments down the road, to the new TLTROs in particular, if needed. The latter entail some implementation risks, if anything because of their complex technical features and the constraints that are likely to remain on banks’ balance sheets beyond the AQR. ... (full story)