assesses the effect of the NIRP on the net interest rate margins of the euro area banks using quarterly consolidated bank level … policy rates. The econometric results confirm the effect of the interest rate level on bank profitability and, in some … specifications, also suggest an additional negative effect on bank profitability in the period of negative euro area short …

. Moreover, the financial and sovereign debt crisis and with it the increased reliance of banks on central bank credit have … underlined the importance of central bank collateral frameworks. Broad collateral frameworks have helped prevent large … that the ESCF is too forthcoming or broad and that it does not afford the central bank sufficient protection. This paper …

liquidity provision and the roles of the public budget and the central bank. The comparison also reveals that the role of fiscal …