The more money Mario Draghi prints in his quest to raise inflation, the more the euro area’s banks struggle to find a place to put it. With lending picking up from a long slump only slowly, financial institutions mostly put the cash they receive when the ECB buys bonds right back into the central bank’s facilities -- and they lose money, being charged 30 basis points on every euro over and above the minimum reserve requirement. If the ECB wants to cut rates and step up QE, it may have to find a way to pare back the cost of keeping funds stored under its roof, or banks may think twice about playing their part.

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