This line from the Accounts is the same point...>

ECB: This line from the Accounts is the same point that ECB Chief Economist Lane

made in his speech yesterday about in highly stressed situations QE was more

effective than more negative rates:

"In the current stressed market conditions, asset purchases (together with the

TLTRO III programme) were the most effective and efficient tools for adding

monetary accommodation. High uncertainty and heightened risk aversion would

weaken the transmission of policy rate cuts to the market reference rates that

mattered for the pricing of credit to households and firms, especially in the

context of a temporary shock. In this environment, asset purchases were more

efficient at easing funding conditions and thereby the lending rates that

mattered for the real economy."