Lautenschläger sees TLTROs impacting real economy from next year


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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