ECB collateral adjustments help, but the EU must still take big moves on bank balance sheets (Premium)

While the European Central Bank’s (ECB) adjustments to acceptable collateral and other tweaks have been useful, what really needs to happen is a significant and competitive move by the EU that does two things: fixes some big flaws of balance sheet regulation and takes care of the still-ongoing problem of non-performing loans. Without this two-step, Europe’s recession from the coronavirus will be longer and painful than in many other jurisdictions. This could turn the 2020s into a lost decade of financial growth for the Continent.
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