The ECB will widen the spread between the rate it lends to banks and the rate it pays banks on deposits back to 200 basis points on January 21 from 100 basis points today. This move seems very premature, as have comments from ECB officials that rates will have to be pushed up quickly once the economy stabilizes. The move is particularly odd as most other central banks around the world are taking extreme, novel measures to help stabilizes the financial system and improve investor and consumer confidence.