Independent Strategy

ECB TLTROs – give a thing, take a thing

Global central banks face risks in trying to shrink their balance sheets. This report looks at this issue in an EU context. It finds that TLTROs pose a substantial threat. to liquidity. There is presently no ECB policy to deal with this. Were there to be a liquidity crisis caused by TLTROs the hit would be to EU banks, the euro and Southern EZ debt (by contagion).

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