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According to Goldman, the next best option the ECB has now is to do the same thing for the non-financial private sector.
In the note, they write:

The ECB could activate innovative policies that support the nonfinancial sector via direct purchases of corporate securities or possibly another LTRO modified in the direction of the Bank of England’s "funding for lending" scheme. Such policies would be consistent with a desire to support the private sector rather than encourage moral hazard by directly supporting sovereigns. Of course, like LTRO, but to a lesser degree, support for the nonfinancial private sector would flow back to the sovereigns via higher growth. But this is not the sort of sovereign support that runs a high risk of moral hazard.

President Draghi has not announced such policies, but in his remarks last week and again in yesterday’s press conference, he hinted that additional nonconventional measures are being considered. More importantly, we think, is the clear resistance – consistent with longstanding ECB policy – to providing any sort of unconditional support to sovereign markets.
Die europäischen Notenbanken drucken mal eben etliche Milliarden, um sich damit Unternehmen zu “kaufen”.
Das kann nicht wahr sein, oder?

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