remember the idea "LTRO doesn't work"? pier, the task was to `` flood the system '' with liquidity" for that, for banks to start buying debt from the periphery ". of course, that this is a completely wrong line of reasoning, such a representative of `` naive monetarism" из серии "а давайте на schedule S&P 500 we will plot the dynamics of the FRS balance ".
the problem is different. when the media (инвест.сообщество) picks up some idea, it becomes extremely difficult to resist. have to deal with such a public fork & peer pressure. even harder, when the disagreement is not in a specific conclusion, but in the approach. in such a situation, it is very important just not to pay attention, if a, certainly, sure.
my attitude towards LTRO was the same, какое (most likely now) in MS.
