We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking … systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 … evolution of aggregate economic activity in euro area member countries in the period 2008-2014. Our results suggest that the …

exposure of banks to the debt issued by the national government. Our results suggest that euro area crisis countries' banks …

commercial banks to the Eurosystem's open market operations in conjunction with the redistribution of liquidity via the TARGET …