Trichet ‘Trapped’ by Banks’ Addiction to ECB Cash: Euro Credit
October 07, 2010 at 08:00 AM EDT
Yes, as previously discussed, the ECB is now dictating terms and conditions to both the banking system and the national govts with regard to fiscal policy. The fundamental structure of the eurozone includes no credible bank deposit insurance that now keeps the bank dependent on direct ECB funding. It also includes national govts [...]