The ECB has proffered a fresh round of cheap funding for the banks (TLTROs) but that is life-support.

It is not a monetary propellant. 

 “The TLTROs are an admission that the banks are still broken. They still cannot get money from the market at viable cost,” said Mr Ferguson.

 Ambrose Evans-Pritchard 27 MARCH 2019
ECB

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