Will Europe's new TPI be an ATM?

NEW YORK  —  It has finally arrived. The European Central Bank (ECB) has launched a Transmission Protection Instrument (TPI) to prevent monetary policy fragmentation within the eurozone. Announced just after the ECB Governing Council’s July 21 meeting, the TPI has overshadowed the news that the ECB will raise its policy rate by 50 basis points, which is more than expected but

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