Relaxing area
ECB does not cut its key rates… But triggers the debt rally The euro rebounds Beginning December, the European Central Bank announced two LTROs, i.e. long term refinancing operations, with a three-year maturity, at fixed rate with full allotment (the first one in December, the second in February, when the loosening of collateral eligibility criteria will be finalised). The ECB purpose was to improve conditions in the monetary market (stress was particularly acute with OIS/BOR spreads rising at
