in 2008.09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the … macroeconomic impact of the shock. According to our counterfactual simulations based on the structural model, in the absence of ECB …

the most recent crises in both the United States and euro area, the Federal Reserve and European Central Bank (ECB) have …

' (LoLRs). This role can be summarized as central banks lending freely to solvent but illiquid firms against good collateral … central banks were responding too, rather than the classic idiosyncratic LoLR role. In the case of the ECB, it was forced to …

' demand for reserves. We find that by implementing a floor system, the Eurosystem has eliminated the opportunity costs of …

The ongoing policy strategy review presents a unique opportunity for the ECB to examine how to best employ its immense … performance of different Member States that threatens the viability of the EMU. The ECB has the authority and tools to address …

the most recent crises in both the United States and euro area, the Federal Reserve and European Central Bank (ECB) have …

The Eurosystem collateral framework (ESCF) has played a key role in the ECB monetary policy implementation since 1999 … underlined the importance of central bank collateral frameworks. Broad collateral frameworks have helped prevent large … first explains and justifies the logic of collateral frameworks in general and that of the ESCF in particular. It then …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious … ECB balance sheet risk is small compared to the FED and BoE as it neither increased its quasi-fiscal operations as much as …. Secondly, the ECB's specific accounting principles of repo operations provide for more clarity and earlier recognition of …

This paper studies the effect of central bank collateral policy on bank credit supply and the real economy. In 2007 …, the European Central Bank replaced national collateral lists with a single list valid across the euro area. Banks holding …