The sting in the tail of the European Central Bank’s (ECB) massive pandemic stimulus, in particular its so-called targeted longer-term refinancing operations (TLTRO) programme of loans, is that monetary authorities from Estonia to Austria are facing reduced earnings. That means less money feeding into national treasuries.
LONDON: Eurozone monetary policy is subsidising the finance industry to such a degree that national central banks are having to curtail the cash distributions they normally hand to governments.
The sting in the tail of the European Central Bank’s (ECB) massive pandemic stimulus, in particular its so-called targeted longer-term refinancing operations (TLTRO) programme of loans, is that monetary authorities from Estonia to Austria are facing reduced earnings. That means less money feeding into national treasuries.
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