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Between purchases of securities and subsidized loans to banks (Tltro), the intervention exceeds the trillion mark. The history of the anti-spread shield has yet to be written
by Isabella Bufacchi
More than 1,200 billion: this is the breathtaking amount of the total interventions of the ECB aimed at Italy to ensure favorable financing conditions for families, businesses, banks and the government between March 2015 and June 2022. The ECB, in the years of ‘ monetary accommodation that ends today with the first rate hike since 2011, has lowered the cost of money for countries in the euro area not only by cutting rates but also by intervening on the yield curve with massive purchases …