The ECB is widely perceived to function as the lender of last resort to stem the debt crisis. With the crisis front and center, a poll by Barclays provides a gauge of what exactly investors want the ECB to do in coming months: By talking to 80 global fixed income clients -- including banks, reserve managers, insurance firms and hedge funds -- the survey says investors hope to see the ECB resume its bond-buying program as the top priority in the coming three months, with interest rate cuts as the second-favorite choice. "Most clients would like the [program] restarted on Italy and Spain, but in a more flexible format than before," Barclays says. One way is for ECB to give up its seniority on the bonds. "Few clients expect the ECB to engage in the near or even medium term in fully fledged QE," the report says.
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