ECB’s money drain has silver lining for markets
There are 50 ways to leave your lover, as Paul Simon once sang. There are at least as many ways to leave massive monetary stimulus. The European Central Bank has chosen one that will enable it to keep tight control of interest rates as it slowly drains some 4.7 trillion euros in liquidity. Banks will have to decouple from cheap money, but life in the single lane won’t be that bad. On March 13, ECB President Christine Lagarde started preparing markets for a breakup. For most of the past decade, ...
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