EU banks and ECB rates: how hot the 3,300 billion bonds in the balance sheets are

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The stock market rebound of banks shows how exaggerated Monday’s panic was. How completely different the characteristics of Silicon Valley Bank are from those of European banks. Yet the warning of the failed American institution shouldn’t be dropped, because it demonstrates how getting out of 15 years of ultra-expansive monetary policies and zero interest rates is by no means a walk in the park. Assuming and not granting that the global storm of SVB has passed, now we need to ask ourselves – and the Authorities…