mario draghi’s farewell gift

Editorial The week’s major event was the ECB meeting, after which Mario Draghi announced a 10bp cut in its deposit rate to -0.50% and the resumption of asset purchases at a monthly rate of €20bn in November and introduced a "tiering" system for banks’ excess reserves. The conditions of the new TLTRO program were also eased. The Brexit saga continued this week with the suspension of Parliament until 14 October and the adoption of the “anti-no-deal" law. This text forces Boris Johnson to ask for a postponement of Brexit until 31 January unless an agreement with Brussels is found by 19 October. To watch…