’ demand for reserves. We find that by implementing a floor system, the Eurosystem has eliminated the opportunity costs of …

' demand for reserves. We find that by implementing a floor system, the Eurosystem has eliminated the opportunity costs of …

framework of the European Central Bank (ECB)’s monetary policy from the scarce reserves system (SRS) to the abundant reserves … system (ARS). To eliminate excess liquidity and return to the SRS, the ECB must intensify quantitative tightening, which is … Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023. …

in 2008–09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the … macroeconomic impact of the shock. According to our counterfactual simulations based on the structural model, in the absence of ECB …

in 2008.09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the … macroeconomic impact of the shock. According to our counterfactual simulations based on the structural model, in the absence of ECB …

This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the … operational framework from the second quarter of 2016 to the last quarter of 2017. It reviews the context of Eurosystem market … operations; the design and operation of the Eurosystem's counterparty and collateral frameworks; the fulfilment of minimum …

The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs) that are either part …-2021), monetary policy action was dominated by the Eurosystem's response to the negative economic effects of the outbreak of the COVID …-19 pandemic. Through its action, the Eurosystem continued to expand its balance sheet, in particular by scaling up its …

collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning … forces and discipline. The paper also emphasizes the important role of ratings and government guarantees in the Eurosystem …