ECB can’t to pull the euro area out of crisis on its
Mario Draghi failed to meet markets’ expectations. So, the euro response is not surprising. The ECB cut its main deposit rate by 10 basis points and announced the central bank’s quantitative easing program will entail €20 billion per month of asset purchases for as long as it deems necessary. The ECB also freed part of excess reserves from interest payments, and also reduced the cost of long-term loans for banks. Investors expected a rate cut by 10 bps-20 bps and assets purchases of €30 billion – €40 billion per…
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