Lautenschläger sees TLTROs impacting real economy from next year

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Sabine Lautenschläger yesterday warned the European Central Bank's (ECB) targeted lending programme will "take longer to have an impact" than the other measures unveiled by the governing council last month – but predicted that credit conditions will ease from 2015.

The ECB is launching a series of targeted long-term refinancing operations (TLTROs) in an attempt to address the credit constraints that Mario Draghi fears are "putting a brake on the recovery in stressed countries".

These LTROs will

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