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ECB opts for a small “big†package
The ECB cut its deposit rate today by 10bp to -0.5%, announced a restart of asset purchases at a monthly clip of €20 billion by November and i ntroduced a tiering system for banks’ excess reserves at the ECB. Finally, c onditions for the new TLTRO lending programme were also made somewhat more favourable . All in all, today’s announcements clearly qualif y as a “big†package in terms of policy easing.
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Dirk Schumacher
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