The success of the new TLTRO shows that pledging the governments’ balance sheet was certainly the right thing to do in the emergency, nevertheless the medium-term consequences of those guarantees need to be explored. Fortunately we will not be alone in this questioning. There was Genesis of course, always willing to "share his peace", but there was especially Apolline Menut. Good listening.

Newsletter : https://www.axa-im.com/content/-/asset_publisher/alpeXKk1gk2N/content/macrocast-51-credit-guarantee-feedback-loop/23818
Credits : Genesis, "Supper's ready"

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