BERLIN – “The crisis of the Italian government could not have come at a worse time”. At the eve of the most important meeting of the year, an ECB source sums up the mood of the twenty-five central bankers who will meet tonight and tomorrow. They will decide the first interest rate hike in eleven years it’s a new anti-spread tool which should prevent unwanted peaks in yields on government bonds and which already has a name, indeed, in full ECB tradition, an acronym: Tpm“Transmission protection mechanism”.
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