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ECB meeting: a targeted package for now
The ECB’s Governing Council decided today to provide further long-term refinancing measures for banks to support credit provision to the euro area private sector. The GC also announced to increase purchases by €120 bn until the end of the year. These additional purchases will be conducted in a flexible manner and mostly target private debt markets . The ECB expects governments to step up their efforts and be at the forefront in fighting the crisis. This desire for government s to play a bigger and more active role may also explain the limited size of the package. An “all in†approach at this stage may have increased, in the view of the ECB, the risk that governments would hide behind the ECB.
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Dirk Schumacher
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