. The accumulation of TARGET2 claims (liabilities) would make ECB’s liquidity management asymmetric once the TARGET2 claims … in core countries have crowded out central bank credit in those regions. Then while providing scarce liquidity to banks … in countries with TARGET2 liabilities, the ECB will need to absorb excess liquidity in countries with TARGET2 claims. We …

borrowings. Once fragmentation is introduced into standard theoretical models of monetary policy implementation, excess liquidity …

some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the … Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …

countries of the Eurozone as a part of the literature maintained. In turn, this crisis of confidence has to be considered as the … the Eurozone Member States. Two elements, in particular, support this thesis. On the one hand, most of the monetary base …

implementation of the ECB's asset purchase programmes, pointing to the existence of a portfolio rebalancing and a banking liquidity …

, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …

discusses the role of the ECB in the provision of emergency liquidity assistance (ELA) to solvent credit institutions in the …