The impact of the ECB’s €1 trillion ($1.3 trillion) long-term refinancing operation (LTRO), which loaned money to commercial banks to buy sovereign bonds (a bootstrap operation that seemed as peculiar as the ECB’s financing of sovereigns to shore up the banks), was impressively short-lived.
Zij hebben voortdurend de negatieve effecten van hun bezuinigingsprogramma's onderschat en de positieve effecten van hun institutionele aanpassingen overschat.