The euro area is at risk of a new real estate bubble as a result of expansionary monetary policy from the European Central Bank (ECB), Commerzbank analysts have warned. The ECB council meets on Thursday June 6, and is likely to decide on the details of the third edition of its targeted longer-term refinancing operations (TLTRO-III) program, a series of Eurosystem operations that provide financing to credit institutions for periods of up to four years. TLTROs offer long-term funding at attractive conditions to banks in order to encourage them to lend capital to the real economy. The central bank has faced calls from ... (full story)