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"Sterilization is merely a fig leaf to placate German concerns," writes Morgan Stanley, as the...
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Wednesday, September 19, 2012, 1:35 PM ET"Sterilization is merely a fig leaf to placate German concerns," writes Morgan Stanley, as the ECB's policy of full allotment at refinancing operations means the size of its balance sheet is "entirely demand-driven." Unlike QE∞, which is already underway, there remains a chance the ECB's OMT will never be activated as Spain or Italy would first have to submit to a rescue program.
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