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The ECB is again threatening to withdraw liquidity from the private banking system of a member state in order to put pressure on the state to enact a shock-doctrine fiscal policy and socioeconomic reform package.

Not only is fiscal policy outside the remit of the ECB but I would like to know under what authority the ECB can decide to shut a bank out of its liquidity provision if the bank has eligible assets to repo.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu May 19th, 2011 at 06:15:30 AM EST
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