While we previewed today’s ECB meeting on Monday (summary: it won’t be exciting, to say the least), we have a few more things to say about what Draghi & Co are up to. As mentioned in Monday’s Comment, a key determinant of Eurozone money market conditions is the uptake at the upcoming TLTRO-iii auctions in September, December and March. That, plus how far the ECB is willing to go in exempting banks’ excess reserves from the negative deposit rate. In today’s Comment we will take a closer look at the former (the TLTROs that is). To read the full report, click HERE