Ralph Atkins

Another milestone in the financial crisis: the ECB has just reported zero interest in its latest offer of unlimited seven-day dollar liquidity. If I am right, it is only the second time in its 11-year history that this has happened in an ECB liquidity providing operation. The first was in an offer of 84-day dollar liquidity last September.

The latest result was not unexpected. At the height of the economic crisis, the joint operations with the US Federal Reserve formed an important part of measures to keep financial markets working. But demand for emergency dollars by eurozone banks has tumbled in recently, as things have returned to normal. Read more