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Carbon tax protest at Nova Scotia-New Brunswick border | SaltWire #newbrunswick #novascotia #rallyVIENNA - The European Central Bank needs to stop subsidizing commercial banks and should cut interest payments on the piles of cash lenders got from the central bank on the cheap, Austrian central bank Governor Robert Holzmann said.
"It's not acceptable that the current structure puts major burden on the financial outcomes of central banks," Holzmann told Reuters in an interview."We cannot run deficits without an end in sight, it can’t be the case." The ECB printed trillions of euros to buy government bonds in the hope that abundant and cheap credit would rekindle economic growth and push inflation back up to 2%.
Since it will take years for the bond pile to shrink, the payments are likely to remain a long-term expense and some central banks could burn through most if not all profit reserves.
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