I am of those who believe that something great will come out of all the turmoil that the world is presently going through. I am reminded of a passage in Orson Wells’ The Third Man, which refers to the reign of the Borgias2 in Italy.
Moreover, the ECB decided to intensify preparatory work related to the outright purchases of asset-backed securities (ABSs) as a credit easing policy, rather than as a quantitative easing policy.