Daily: On the coming euro bank bailout

I just wrote up a post on Goldman's thoughts on coming ECB policy moves. Goldman's musings are credible because the author is their chief European economist, who was until a year ago at the top of the ECB's Monetary Policy Stance Division. And he worked at the ECB for ten years. So he knows what the ECB thinks about monetary policy as well as anyone outside the institution. His comments clarify a few things for me.
His view is that the ECB will not do spread targeting and will instead go for un...

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