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ECB risks raising expectations it cannot fulfil, How the European Stability Mechanism can help Italy, and more

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ECB risks raising expectations it cannot fulfil

By Moritz Kraemer

The European Central Bank is working on an instrument to keep sovereign yields closely aligned across the euro area. A spread control device would be a courageous step – but it’s in the wrong direction. The plan is unclear, dangerous and unnecessary. The ECB will find it impossible to realise the expectations it has now raised. The hidden threat is that the ECB could provoke the very sovereign debt crisis that the new instrument seeks to prevent.

 How the European Stability Mechanism can help Italy
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By Ignazio Angeloni
There is a solid and relatively trouble-free way to help Italy and overcome the ECB’s problem of ‘fragmentation’, which is becoming a major challenge for financial markets. Italy should turn to the European Stability Mechanism, the EU’s financial support scheme. 
 
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Quantitative tightening: how fast, how far?
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