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ECB delivers bold measures but sees the ball primarily in the field of fiscal policy
In Short
Highlights:
TLTRO III targeting SMEs, a temporary increase of QE by cumulatively € 120 bn skewed
towards CSPP until year-end and some regulatory easing for banks. It refrained from cutting
the deposit rate.
development, while seeing the risks clearly tilted to the downside.
governments and urged for “ambitious and coordinated fiscal policy response”.
additional policy measures.
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