We quantify the impact that central bank refinancing operations and funding facilities had at reducing the banking … sector’s intrinsic fragility in the euro area in 2014-2019. We do so by constructing, estimating and calibrating a micro … estimation and the calibration are based on confidential granular data for the euro area banking sector, including information on …

-term refinancing operations (TLTROs) allotted between September 2014 and March 2017. We quantify that the top-three parameters that …

misallocation of resources and financial instability. Climate riskadjusted refinancing operations (CAROs) conducted by the central …

set of eligible collateral for several of its standing term refinancing operations (TROs). Changes started in August 2007 …, when the European interbank market tightened, and the ECB supplemented its monthly longer-term refinancing operations … set of eligible collateral, added 12-month LTROs, and added special-term refinancing operations (STROs) that matured at …

misallocation of resources and financial instability. Climate riskadjusted refinancing operations (CAROs) conducted by the central …