Recent discussion on whether the European Central Bank should extend its long-term refinancing operations (LTRO) in 2019 has revolved largely around which banks should be able to use it.
Last time, LTRO targeted banks contributing to the economy. This time, some of its proponents are arguing it should be restricted to banks that have acted on non-performing loans.
This would be a good bone to throw to the inevitable northern European detractors of extending the programme. After all, it is not Christmas every day.
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