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.

26th February, 2012
The Insider: Round two of the ECB's answer to QE
Mario Draghi, president, European Central Bank: attempt to restore stability. Photo: Bloomberg

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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