In today's column, I analyze the shortcomings of the 'Master liquidity enhancement conduit' or 'Superfund' which the US Treasury has informally sponsored as a response to the credit crisis. Although news from the weekend indicate that the initiative is in less of a terminal state than I thought last week, many observers remain sceptical it can have a material positive impact.
Download Tribune_071112.pdf to read the piece in French, and Download Tribune_071112_en.pdf to read it in English.
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