Pipes still clogged

When the water doesn’t flow, call the plumber. When the money doesn’t flow easily through the financial system, call the central bank. After four months of trying, the European Central Bank made another effort on Tuesday to get the eurozone’s liquidity running. It seems to be a tough job. the first unblocking effort came on August 9, when the ECB offered unlimited overnight funds at an attractive interest rate. Since then, it has been trying various pieces of kit – generous terms for collateral ...