Leaks in the ECB's liquidity plan

By doling out cheap liquidity just before it tests the integrity of bank balance sheets, the ECB may end up propping up the very institutions whose weaknesses it is trying to uncover.

The European Central Bank’s dilemma over the potential need to  extend long-term liquidity to banks is proving an early test of the conflicting pressures it will face in combining the roles of monetary policy guardian and chief bank supervisor.

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