The European Central Bank’s surprise tweaks to monetary policy amount to an effective interest-rate cut that puts banks on the frontline of the euro area economic recovery. The move to start a new source of funding and lower the rate on long-term facilities designed to promote lending will probably ease the stress in Europe’s money markets. And banks, which have been hoarding cash, could then boost lending and ramp up their bond buying to use as collateral for more ECB funds. The decision marks another push by policy makers to help the economy through the worst shock in decades by stabilizing bond markets and making ... (full story)