An ECB Reverse Repo Facility is a painful idea, even if it may be necessary

ICMA’s Andy Hill was quoted by Global Investor as being in support of a Reverse Repo Facility (RRP) in Europe: “To the extent that regulation prevents banks from doing what banks are supposed to do, it is probably helpful that the central bank fills this void.” As a close watcher of the Fed’s Reverse Repo Facility (RRP), we shake our heads in dismay at the possibility.
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