My letter to the Wall Street Journal: Why the ECB must end QE and all other market interventions

 Re: A Big Risk Hanging Over European Banks: Leveraged Loans

The cognitive dissonance of the ECB is clearly exposed in its desire that banks make more loans, which they can do only by taking more risk, and at the same time worrying about banks taking on more risk. It is past time for central banks to admit that they really cannot stimulate the economy with monetary policy. What looks like "stimulus" is really nothing more than taking on more risk and all its accompanying evils.

Patrick Barron