Adler, Martin; Camba-Méndez, Gonzalo; Džaja, Tomislav; … - 2023
In implementing its monetary policy, the ECB conducts collateralised credit operations with banks. The bulk of the … tolerance. However, their implied risk tolerance may sometimes be used as a monetary policy stance lever, as clearly illustrated … the ECB when formulating valuation haircuts. Keywords: monetary policy implementation, risk control framework of credit …