Republished from The Independent on Sunday (London, England) “The Independent”
January 8, 2012 | Ben Chu
Economic View
Mario Draghi’s big bazooka has backfired. The new president of the European Central Bank fired almost half a trillion euros into the European banking system in cheap loans last month in the hope that this barrage of liquidity would, among other things, ease the funding strains of the Continent’s beleaguered financial institutions.
It hasn’t worked out like that. The flood of money …