There ain't no such thing as a free lunch. A critical view on ECB.

But will it really a free lunch.

Draghi gave a new hit to central banks independency. The new TLTROs will delay banking sector restructuring sine die and will allow obsolete business models to persist.

Further reading on central banking:

The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

Book by Mohamed A. El-Erian

The End of Alchemy: Money, Banking and the Future of the Global Economy

King, Mervyn

Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State

Tucker, Paul