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Vincent Welsch Profile picture
Vincent Welsch
@VincentWelsch
🔴 Für Freiheit, Frieden, Fortschritt | @MERA25_DE
Sep 24, 2022 • 14 tweets • 4 min read
A barely known fact when it comes to the @ECB's recent interest rate hikes: Banks are now being subsidized for doing nothing.

Yes, read that again: Commercial banks connected to the #Eurosystem GAIN interest by NOT lending their money!

A 🧵 on why that is and why it's dumb. The ECB's monetary policy toolbox comprises, among other things, three dedicated interest rates:
1. The Main Refinancing Operations (MRO) rate, currently at 1.25%
2. The rate of the Marginal Lending Facility, currently at 1.5%
3. The Deposit Facility rate (DFR), now at 0.75%