Prvu seriju operacija ciljanog dugoročnog refinansiranja (TLTRO) ECB je počela da sprovodi septembra 2014. godine i kroz 5 tranši upumpala 400 milijardi evra (radi poboljšanja finansijske stabilnosti banaka i jačanje kreditiranja privrede). U toku jedne godine u korporativnom sektoru je završilo svega 4 milijarde evra (1%). Ipak, ta serija je ostala su u senci QE (mart 2015). Da li će i nova serija TLTRO II (jun 2016) ostati u senci najnovih QE (veće mesečne kupovine aktive za 20 milijardi evra mesečno) ili će kreirati željeno stimulativno kreditiranje prvirede?
ECB announces new series of targeted longer-term refinancing operations (TLTRO II)
The ECB began implementing the first series of targeted long-term refinancing operations (TLTRO) in September 2014 and pumped 400 billion euros through 5 tranches (to improve the financial stability of banks and strengthen lending to the economy). In the course of one year, only 4 billion euros (1%) ended up in the corporate sector. However, that series was overshadowed by QE (March 2015). Will the new series of TLTRO II (June 2016) remain in the shadow of the latest QE (higher monthly purchases of assets by 20 billion euros per month) or will it create the desired stimulating lending of the first order?