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ECB May Kiss Credibility Goodbye

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EASY COME, EASY GO
"A major casualty of the emergency decisions was the ECB," writes Daniel Gros and Thomas Mayer in a Bloomberg commentary piece. "With its move to prop up the failing bonds of governments in financial distress, it has allowed itself to be transformed into an agent of fiscal policy. The intention to sterilize bond purchases means, in effect, that it taxes euro-area private borrowers to support governments in difficulty. In the long run, this is likely to undermine confidence in the ECB and the euro."
SOURCE:   Bloomberg

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