Bindseil, Ulrich; Corsi, Marco; Sahel, Benjamin; Visser, Ad - 2017
The Eurosystem collateral framework (ESCF) has played a key role in the ECB monetary policy implementation since 1999 …-scale liquidity-driven defaults of financial institutions in all major advanced economies. More recently, they have allowed central … banks to provide a large amount of - at times targeted - longer-term credit. Nevertheless, a number of authors have argued …