Euro Area Policies : Financial Sector Assessment Program-Technical Note-Systemic Liquidity Management
Author/Editor:
International Monetary Fund. Monetary and Capital Markets Department
Publication Date:
July 19, 2018
Electronic Access:
Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
The flexibility shown by the ECB/Eurosystem in adapting its framework, as required by circumstances, has helped improve funding and liquidity conditions. Compared to the situation pre-crisis, the ECB/Eurosystem has provided liquidity against a broader range of collateral and for as long as four years in terms of maturity; extended liquidity in foreign currency; conducted outright purchases of public and private sector assets (now tapering off); and reduced interest rates into negative territory. In these arrangements, policy is directed from the center, but is implemented mostly by the National Central Banks (NCBs); risks are largely shared. Market participants are complimentary about the role the ECB/Eurosystem has played in backstopping the financial system and its forward guidance on monetary policy.
Series:
Country Report No. 18/229
English
Publication Date:
July 19, 2018
ISBN/ISSN:
9781484369487/1934-7685
Stock No:
1EUREA2018006
Price:
$18.00 (Academic Rate:$18.00)
Format:
Paper
Pages:
44