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The Big Fat Ecb Cockup Thread


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2 hours ago, interestrateripoff said:

WASHINGTON It would not be a bad idea for the European Central Bank and other central banks to follow the U.S. Federal Reserve's example and change course away from an ultra-accommodative monetary policy, German Finance Minister Wolfgang Schaeuble said.

I'm sure Italy and Greece share his enthusiasm.

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Some incentive for a Macron / Fillon presidency:

Draghi Seen Choosing Faster QE Exit If French Hurdle Cleared

...More than 60 percent say the winding down of QE will be announced in September this year, with 93 percent expecting tapering to start by the first quarter of 2018, up from 88 percent in the last survey. A majority say the ECB will announce monthly reductions one at a time instead of setting out a full plan, and the median estimate is for the process to last six months, down from seven months previously.

https://www.bloomberg.com/news/articles/2017-04-23/draghi-seen-opting-for-faster-qe-exit-if-french-hurdle-cleared

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On 23/04/2017 at 1:53 PM, darkmarket said:

Some incentive for a Macron / Fillon presidency:

Draghi Seen Choosing Faster QE Exit If French Hurdle Cleared

...More than 60 percent say the winding down of QE will be announced in September this year, with 93 percent expecting tapering to start by the first quarter of 2018, up from 88 percent in the last survey. A majority say the ECB will announce monthly reductions one at a time instead of setting out a full plan, and the median estimate is for the process to last six months, down from seven months previously.

https://www.bloomberg.com/news/articles/2017-04-23/draghi-seen-opting-for-faster-qe-exit-if-french-hurdle-cleared

2 words...coordinated

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http://www.zerohedge.com/news/2017-11-19/ecb-proposes-end-deposit-protection

ECB contemplating ending deposit insurance but you'll be able to get access to enough money to cover living expenses... bailins all round to cover banker losses but don't expect to share in the profits for the risk.

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The article says it goes beyone contemplating.

It doesn't make clear that the side by side compared texts on zerohedge are what the EU proposed on the left [leaving deposit protection in place] and what the ECB has recommended [removing it]. The enormous pdf from the ECB sure does a good job of hiding this little fact.

I find it hard to believe that euro leaders will be dumb enough to remove deposit protection. Surely once MSM get hold of that idea and it looks serious / gets explained, there will be bank runs and financial meltdown.

Am I correct in saying this means UK as well [at least until brexit]?

What are the rules for NSandI if the whole lot collapses and most every bank is grabbing their bail-in swag [including the last 100k now deposits are not protected]?

This deserves a bit more attention here than this sleepy backwater thread.

Edited by ebull
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Bloomberg: Bankers Are Staring Into the Abyss, Again

On the menu:

More negative interest rate.

Further reduced costs for banks to deposit reserves with the ECB.

More super-cheap loans for banks.  This time called Targeted Long-Term Repurchase Operations or TLTROs.

Not yet on the menu, but will probably happen if things deteriorate enough:

ECB buying bank debt.

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https://www.thetimes.co.uk/edition/business/ultra-low-interest-rates-have-huge-consequences-for-the-country-and-its-citizens-62pb3zwg7

 

Ultra-low interest rates have huge consequences for the country and its citizens
I write this column every fortnight, and every fortnight it seems we have a big new expensive policy from Rishi Sunak.

Edited by Tapori
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https://www.thetimes.co.uk/edition/business/ultra-low-interest-rates-have-huge-consequences-for-the-country-and-its-citizens-62pb3zwg7

 

Ultra-low interest rates have huge consequences for the country and its citizens
I write this column every fortnight, and every fortnight it seems we have a big new expensive policy from Rishi Sunak.

Love to know which macro model this twit is using.

What's that, there are no useful macroeconomic models? Not even to zeroth order?

So in effect he's just making this shit up on the daily to fit an ideological agenda. Like every other economist. 👈

 

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