Synthesis: in S/T only (right) thing to do: large and open-ended QE; in M/T risks on accumulation of guarantees in NCB balances
infatti, mio punto è che (come atteso) 80% resta sulle spalle delle singole banche nazionali. Not too good.
immediately got it right. 80% of sovereign QE will be subject to (fragmented) national guarantees...
As the market realizes 80% of additional QE is on the shoulder of national CBs, it's interesting to look at Euro / spreads