Photographer: Krisztian Bocsi/Bloomberg

Why the ECB Could Get Some Junk With Its Bond-Buying Program

Parsing moral hazard in another central bank purchase program.

In times of crisis lend freely against good collateral, Walter Bagehot suggested back in 1873. Almost 150 years later, the influential essayist's dictum may prove to be easier said than done for the world's policymakers.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.