How to Fix the ECB’s Communication Problem
January 19, 2012 at 11:20 AM EST
The ECB has a serious communication problem. It has undertaken a number of unconventional measures lately–the three year LTROs, the acceptance of questionable assets for collateral, and the large expansion of its balance sheet–that amount to a QE program by stealth. And therein lies the problem. The ECB’s actions have not been communicated to the [...]