Pisani-Ferry, Jean; Wolff, Guntram B. - 2012
refinancing (LTRO), there has been speculation that all three have de facto embarked on 'quantitative easing'. However, major … mitigated funding needs and reduced interbank stress, and has had a significant impact on sovereign bond yields in southern euro … particularly in the southern euro area. Underlying structural problems relating to banks, the macroeconomic adjustment and the euro …