Why isn’t ECB responding to fx needs of Ukrainian refugees? Because its precious balance sheet cannot be put at risk,

Why isn’t ECB responding to fx needs of Ukrainian refugees? Because its precious balance sheet cannot be put at risk, because taking a loss would be tantamount to monetary financing.
Kant had a word for this: “self-inflicted immaturity”!
Chartbook #103
adamtooze.substack.com/p/chartbook-10… https://t.co/BE2TQK77jS

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