The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with … exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank … differences remain: the Bank of England and Fed have mostly relied on large-scale purchases of government bonds, while the ECB has …

significant scale. Bank profitability is squeezed by QE but we do not see a generalised financial stability risk as credit …

emergency liquidity assistance was provided. More than 80 percent of the European Central Bank’s liquidity (Main Refinancing …

The European Central Bank's monetary policy addresses the euro-area average inflation rate. By setting conditions for …