The present paper examines the impact of the current fiscal crisis in the euro area on the Greek banking system and the institutional, regulatory and supervisory measures adopted to preserve its stability. It is divided into 2 Sections:(a) Section 1 deals with the differentiated impact of the...

Articles 37(10) and 56-58 of Directive 2014/59/EU of the European Parliament and of the Council, of 15 May 2014, “establishing a framework for the recovery and resolution of credit institutions and investment firms (...)” (hereinafter the ‘BRRD') govern the provision of ‘extraordinary...

Liquidity supply by a Lender of Last Resort (LOLR) can be pivotal for both the conduct of monetary policy and safeguard of financial stability. During the financial crisis, the importance of liquidity provision has significantly increased at both the macro-level – through the European Central...

This is a summary of PhD thesis (title above) in Warsaw School of Economics 2013. Detailed research results are published as a CFS Policy Paper in my profile.The main thesis states that central bank's involvement in contributing to financial stability is determined by many factors, two of which...

This paper presents the results of a comprehensive survey conducted with 27 European Union (EU) central banks concerning their involvement in ensuring financial stability. The paper also introduces a novel methodology ("Financial Stability Engagement index") to measure central bank involvement...

The present study examines the impact of the current fiscal crisis in the euro area on the Greek banking system and the measures adopted to preserve its stability. It is divided into 3 Sections:(a) Section 1 contains an overview of the causes of the recent (2007-2009) international financial...

This study attempts to evaluate the impact of an increase in banks' funding stress and its transmission to the real economy, taking into account different funding sources banks can rely on. Using aggregate data from eight Euro area financial systems, we find that following a liquidity funding...

In the framework of a new money market econometric model, we assess the degree of precision achieved by the European Central Bank ECB) in meeting its operational target for the short-term interest rate and the impact of the U.S. sub-prime credit crisis on the euro money market during the second...

The main result of the quick reactions of the Federal Reserve (the Fed) and the European Central Bank (ECB) to the Covid-19 crisis are that more than 20% of their public debt is now held by these central banks and that the balance sheet of the ECB is now near 50% of GDP (33% for the Fed). Two...