Kooths, Stefan; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2012
maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in … nationally segmented banking systems. As a side effect, the national central banks substitute money market operations for cross …-border capital flows. The national central banks are thus increasingly engaging in substantial balance-of-payments financing, and …