ECB working paper highlights success of LTROs

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A working paper published by the European Central Bank on January 24 finds that the long-term refinancing operations (LTROs) launched in December 2011 and February 2012 had a significant effect on European GDP and bank lending.

Researchers Matthieu Darracq-Paries and Roberto De Santis use data from bank lending surveys in April 2012 to estimate the extent of the positive shock. They find the LTROs boosted growth by 0.5–0.8 percentage points, while outstanding loans to non-financial corporations

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