The ECB's dilemma requires radical action

The ECB's attempts to encourage banks to lend more and stimulate growth have had little impact, but the spectre of deflation may cause it to embrace unconventional policies.

Last week’s €7.5 billion capital raising by the eurozone’s biggest bank, Spain’s Santander, underscores the complexity of the policy issues confronting the European Central Bank as it tries to balance the need to strengthen the banking system it now oversees while also trying to avert the threat of deflation.

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