"If any central bank can take over the Fed's role in terms of its impact on global liquidity, it's the ECB," according to a June 30 report by Maratheftis and colleagues David Mann and Italo Lombardi... With its quantitative-easing program winding down, the Fed has gone from having 35 percent more impact than the ECB a year ago to 5 percent today. The economists also calculate that to keep global money supply stable, the ECB would need to provide $10 billion of liquidity for every $9.5 billion withdrawn by the Fed.''

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