"The new initiatives by the ECB should have a positive impact on lending, although the overall impact is likely to be limited. The lack of demand for credit caused by continued cautiousness by European companies is a key issue in this. Nevertheless, the ECB should at least try to do whatever it can to get the economy going again as the risks of being too aggressive are very low at the moment. These risks are basically upward pressure on inflation and the creation of asset bubbles. These risks are real in a longer term perspective, but neither of these is a genuine concern in the Eurozone today. The most important risk on inflation is that it remains too low for the next few years, while most asset markets are still far from bubble territory."
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