The Insider: Round two of the ECB's answer to QE
The European Central Bank will this week offer European banks a second bite at the three-year long-term refinancing operation cherry, writes Justin Doyle.
This week, the European Central Bank will follow the success of December's inaugural three-year long term refinancing operation (LTRO) with a second facility.
The first auction flushed €489 billion of liquidity through eurozone banks; the second is widely expected to do the same. It is for this reason that the LTROs have been described by many as a 'Eurofied' version of the American Federal Reserve's quantitative easing (QE) programmes. While the two are very different...
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