Moody's Warns That European Banks Are "Vulnerable" As Draghi Scales Back ECB Program

Today the European Central Bank announced that it would scale down its giant bond-buying program while extending it deep into 2018. This gradual taper is designed to put the region on a path to higher interest rates, and the economic recovery gathers pace without spooking markets.

The central bank is continuing to buy bonds through September 2018, but the pace of purchases will fall to €30 billion a month from €60 billion after December this year.

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