There are rumours that the ECB is pressing for a faster repayment of TLTROs by banks, apparently over reputational concerns. TLTROs could be becoming burdensome also for their potential inconsistency with the current monetary policy stance. However, any intervention will have to be cautious and circumscribed, given the risk of sparking tensions on the markets, and should be implemented only the new anti-fragmentation mechanism is in place.

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