Deposit outflows and a decrease of interbank funding have been compensated by increased borrowing of Greek banks to the Eurosystem. Due to collateral eligibility constraints, most of this funding shifted to ELA. The ECB could raise the haircut rates on the collateral pledged by Greek banks to...

To fight deflationary pressures in the euro area, the ECB has been conducting exceptional policies, such as negative interest rates on excess reserves of banks on their accounts at the Eurosystem, or massive purchases of assets, essentially public bonds. The interest rate on the main refinancing...

Since the launch of the euro, French and German industrial productions have extremely diverged. French manufacturing production decreased while German manufacturing industry very strongly increased. The decrease or stagnation of exports of French products contrasts with the strong increase of...

The structural heterogeneity of the Euro Zone is well described by the net external financial positions  of the different countries. The countries with the highest external debts are those who were particular ly affected when the sovereign debt crisis started. The announcement by the ECB of the...

To explain the surge of the TARGET2-related claims of the Bundesbank on the Eurosystem, the usual narrative tells that there are huge deposit flights out of the euro zone’s distressed countries’ banks, and that the withdrew funds are being reinvested on deposit accounts in German banks....

La BCE a réagi aux étapes successives de la crise financière en diminuant très fortement les taux auxquels elle prête des liquidités aux banques en grandes quantités. Cette politique a a permis aux banques d’absorber plus facilement les pertes qu’elles ont subi sur leurs actifs, mais...

Depuis 2008, pour sauver différents établissements financiers, les gouvernements fédéral et régionaux de la Belgique on été contraints d’augmenter fortement leur niveau d’endettement, et d’octroyer des garanties dont l’activation impliquerait une augmentation encore bien...