ECB makes bold attempt to break credit logjam

The European Central Bank's latest action to unblock money markets, announced Wednesday, looks likely to succeed, economists say.

The ECB said that it would structure its longer-term auctions in the same manner as its weekly operations and further broaden its already-generous pool of eligible collateral, a remarkable about-turn considering last month's decision to tighten requirements.

The ECB changed the structure of its weekly operations on 8 October - a move which has had a dramatic impact

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