The effects and risks of ECB collateral framework changes
During the crisis, the ECB modified its collateral framework to face increased liquidity needs of commercial banks. This has taken two forms: the minimum required rating for different classes of assets has been reduced and the haircut associated to these assets has evolved conditional on the default risks of these assets. The benefits in terms of cushioning a liquidity crisis and enhancing monetary policy transmission have most probably exceeded the costs in terms of riskier central bank balance sheet and potential capital losses. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.
Análise aprofundada
Autor externo
Christophe BLOT, Jérôme CREEL, Paul HUBERT (Sciences Po – OFCE)
Sobre este documento
Tipo de publicação
Domínio de intervenção
Palavra-chave
- balanço
- banco central
- Banco Central Europeu
- controlo de liquidez
- economia monetária
- EMPRESAS E CONCORRÊNCIA
- euromercado
- FINANÇAS
- fiscalização do mercado
- gestão contabilística
- instituições da União Europeia e função pública europeia
- INTERCÂMBIOS ECONÓMICOS E COMERCIAIS
- livre circulação de capitais
- mercado financeiro
- política comercial
- política monetária única
- relações monetárias
- UNIÃO EUROPEIA
- zona euro