ECB’s Targeted Lending Spree Starts Out As Flop; Modern Monetary Insanity

Today the Financial Times reports ECB’s Lending Spree Short of Expectations . The European Central Bank’s first offer of cheap four-year loans has fallen short of expectations, dealing a blow to president Mario Draghi’s hope of sustaining the eurozone’s ailing economy by expanding the central bank’s balance sheet. Banks borrowed €82.6bn through the first of the ECB’s Targeted Longer-Term Refinancing Operations, or TLTROs, one of policy makers’ big ideas to revive the currency area’s recovery.

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ECB’s Targeted Lending Spree Starts Out As Flop; Modern Monetary Insanity