Sunday 24 September 2017

Ailish O’Hora: It's about time the ECB stepped up to the plate

If there was ever a time for the European Central Bank to show a bit of backbone it’s now.

The whole European project is sitting on a knife edge and unless the ECB gives in to the fact that it will have to suck it up when it comes to the bank and sovereign debt it is exposed to we are looking at a doomsday scenario.

While the latest comments by outgoing President Jean-Claude Trichet reiterating that if Greece defaults on its debts its bonds can’t be used as collateral for loans seem childish, frankly, there also seems to be an acute lack of awareness at the bank of the bigger European picture.

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