Money market stress adds to case for more ECB action
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LONDON (Reuters) - Funding costs in a vital corner of euro zone money markets remain at worryingly high levels even after unprecedented ECB action, indicating the central bank may need to do more to ensure a smooth supply of short-dated credit to the economy.Despite a month of bumper corporate bond sales and a 25% equity bounce, in short-term lending markets where European banks and companies turn for their immediate outgoings, a key rate, the three-month Euribor, remains at double the levels of..