Global Financial Trends: The TLTRO bazooka (in charts)

  • Longer-term refinancing facilities have become a key policy tool for the ECB since the global financial crisis
  • We expect a fresh round of TLTROs to be announced in March or at the latest by June
  • In its absence, Italian and Spanish lenders could face a significant funding squeeze by mid-2019
  • Some claim TLTROs is a more powerful tool than QE
  • But the refinancing operations are not a magic wand
  • The euro area needs a demand – not a supply – boost
  • But a meaningful fiscal stimulus is missing
  • Expect more backdoor fiscal transfers

 

Economics

Politics

Markets

VIDEO

Video

View our summary videos on fast trending topics. To listen to a recording of our Conference Calls, please get in touch with zdl@tslombard.com

READ MORE
TRACK RECORD

Track Record

We have a 29 year track record of successful calls. Many of these calls combined economic, political and market analysis.

READ MORE
PRESS

Press

To request an interview with a member of our team, please get in touch zdl@tslombard.com .

READ MORE

Menu

Client Login


Don't have an account? CREATE YOUR ACCOUNT
TRIAL