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Euro Area Policies : Financial Sector Assessment Program
Technical Note-Systemic Liquidity Management

Series:Country Report No. 18/229
ISBN 9781484369487
Code: #1EUREA2018006

Publication year: 2018

Cdn: $23.50; US: $18.00
Paperback
Language: English
44 pages
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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.
Euro Area Policies : Financial Sector Assessment Program
Cdn: $23.50; US: $18.00
International Monetary Fund (IMF) BookID: 123307 Added: 2018.8.5