The Eurosystem collateral framework (ESCF) has played a key role in the ECB monetary policy implementation since 1999 … elasticity for Eurosystem credit, and (ii) in protecting the Eurosystem from financial losses despite the severity of the … financial and sovereign debt crisis and the large amounts of longer-term credit provided by the Eurosystem. …

supervision in the eurozone, the question of centralizing ELA within the ECB also arises … both the macro-level – through the European Central Bank (ECB) – and also for individual credit institutions in the guise … framework in which the ECB and the NCBs carry out their respective roles as LOLR. The question of who holds competence for …

systems and TARGET2 accounts) used by counterparties that sold assets to the Eurosystem has been a more important driver …, participation in Eurosystem longer-term refinancing operations and deposit inflows are associated with liquidity accumulation …