Throwing Money to the Four-Letter Wind: LTRO

Dimitris N. Chorafas

Chapter 5 in Breaking Up the Euro, 2013, pp 99-117 from Palgrave Macmillan

Abstract: Abstract By statute, the ECB cannot buy sovereign debt but behind the scenes it can authorize other institutions to do so. For instance, banks getting the €1.02 trillion ($1.36 trillion) the ECB put in the market in December 2011 and February 2012. Officially this has been known as the Long-Term Refinancing Operation (LTRO). 1 Market professionals say that it was Nicolas Sarkozy who, together with Mario Monti, convinced Angela Merkel that it will turn the market around. It did not.

Keywords: Monetary Policy; Central Bank; Balance Sheet; European Central; Government Bond (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-33229-5_5

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DOI: 10.1057/9781137332295_5

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