The ECB took a significant easing step in June and the meeting on Thursday islikely to provide much less new information. We believe focus will be on some ofthe unanswered questions about the announced easing measures, in particular aboutthe TLTROs, and on whether the ECB could be more specific about what it meanswhen it says it has decided to ‘intensify preparatory work related to the outrightpurchases in the ABS market’.
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