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Infighting emerges at the European Central Bank

As the European economy continues to struggle there are signs of significant infighting at the European Central Bank (ECB) with an asset swap program coming under significant pressure from all sides. The ECB has already instigated a quantitative easing style program which has seen a number of assets swapped for liquidity across the euro zone. However, a number of euro zone partners have requested that non-European bonds and debt instruments be allowed into the scheme to increase liquidity across the market.

However ECB officials have today informed a number of EU members that non-EU bonds and non-EU debt instruments will not be allowed into the debt for liquidity program. There had been hopes that the initial programme would have been expanded to allow European banks with non-European exposure to increase their own liquidity in the short to medium term. There is likely to be a significant impact on the European economy as this decision will at best delay a recovery and at worst stall interest in the European money markets.

It has become highly noticeable that various EU members disagree on a number of key policy issues which could impact upon the EU economy in the short to medium term. It would appear that each and every country is looking after its own economy and very few are working together for the good of the euro zone.

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