ECB Buys the Wrong Kind of Bonds
The European Central Bank has kicked off the effort to inflate its balance sheet by as much as 1 trillion euros ($1.3 trillion) by buying 1.7 billion euros of covered bonds. The mismatch between those two numbers illustrates the scale of the challenge; as the euro region's economy worsens, the pressure on the central bank to add government bonds to its shopping list is growing.
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