, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … on financial markets and the wider economy. They can, for example, bias the private provision of real liquidity and …

latter are bonds issued by the central issuer and backed by covered bonds, which banks would have created using their … very beneficial also during crisis periods, like the current COVID-19 crisis, by allowing banks to transform mortgages into …, thus enhancing the possible credit sustain to the SMEs. This paper assesses the main effects of such proposal on banks …

losses. Thirdly, the ECB can draw on substantial reserves of the euro area national banks. …

can draw on substantial reserves of the euro area national banks. …

struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … monetary policy pivot point. Since November 2011, the ECB has taken on an arguably activist liquidity-provider role relative to … private banks (and, in some important measure, indirectly to sovereigns) while maintaining its long-held post as 'rhetorical …

in core countries have crowded out central bank credit in those regions. Then while providing scarce liquidity to banks …. The accumulation of TARGET2 claims (liabilities) would make ECB's liquidity management asymmetric once the TARGET2 claims … in countries with TARGET2 liabilities, the ECB will need to absorb excess liquidity in countries with TARGET2 claims. We …

The paper reports the outcome of the stress-testing of liquidity risk in the TARGET2 payment system, with the study … resilience of the system, defined as the network of its participants, and the appropriateness of liquidity levels under tightened … liquidity conditions. The scenarios analysed are based on extreme shocks to the value of collateral of different levels and …

losses. Thirdly, the ECB can draw on substantial reserves of the euro area national banks. …

This policy report analyzes one aspect of the sovereign-bank nexus: the feedback effects between banks and sovereigns … derived from the holdings of sovereign debt in domestic banks. We study how this relationship evolved during the European debt … Facilities. We find evidence of carry trade behavior by banks and we have some mild evidence that this channel may have been …