Add to ORKGThis document was requested by the European Parliament's Committee on Economic and Monetary Affairs.With the Asset Purchase Program, the European Central Bank has supplied significant amounts of liquidity into the financial system starting from 2015, resulting yet into a new upswing in excess liquidity. The expanded asset purchase programme (APP) program broadly coincided with further cuts in the ECB’s deposit facility rate, which currently stands at -0.4%. Against this background, this note assesses the ECB policy of negative rate on the deposit facility and discusses the associated risks in the context of an excess liquidity overhang for the euro area, including risk-appetite for banks.European Parliament. Committee on Economic and Moneta...
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Using novel data on individual euro area bank balance sheets this paper shows that exposure to stres...
In the last two weeks the European Central Bank (ECB) decided to launch new LTRO and T-LTRO programs...
All Eurosystem credit operations, including the important open market operations, need to be based o...
In this Policy Contribution prepared for the European Parliament’s Committee on Economic and Monetar...
The sovereign bond crisis which started in 2010 caused a major disruption in euro area financial mar...
Bank failures have multiple causes though they are typically precipitated by a rapidly unfolding fun...
This paper analyses the implications of a continued divergence of TARGET2 balances for monetary poli...
The ECB’s expanded asset purchase programme (EAPP) adds the purchase programme for public sector sec...
In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within...
This paper examines abnormal bank equity returns around the announcement and implementations of the ...
This paper analyses the implications of a continued divergence of TARGET2 balances for monetary poli...
This paper argues that the new permanent European rescue fund, the European Stability Mechanism (ESM...
The Euro Zone crisis involves a wide range of situations in which economies, financial institutions ...
Artículo de revistaDuring the crisis, euro area banks’ recourse to Eurosystem funding facilities was...
This paper illustrates and discusses the monetary policies activated in response to the COVID-19 cri...
Using novel data on individual euro area bank balance sheets this paper shows that exposure to stres...
In the last two weeks the European Central Bank (ECB) decided to launch new LTRO and T-LTRO programs...
All Eurosystem credit operations, including the important open market operations, need to be based o...