An ECB working paper looks at the ECB’s three-year long-term refinancing operations (LTROs) and the shift in credit supply. “Compared with the most likely developments one could have expected at the end of 2011 when financial tensions culminated, our counterfactual exercises suggest that the 3-year LTROs significantly lifted prospects for real GDP and loan provision to non-financial corporations over the next two-to-three years.”