European Central Bank policymakers are gathering in Frankfurt ahead of their meeting tomorrow. They have quite a few decisions to make, which together will set the course of ECB liquidity provision for at least the next few months. Likely to set the general tone will be what Jean-Claude Trichet, ECB president, has to say about future provision of unlimited 12 month liquidity. As I have already written, it seems almost certain he will announce that the December offer will be the last. Less clear is whether the terms will be tightened. Read more
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