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.
Hĺbková analýza
Externý autor
Christophe BLOT, Jérôme CREEL, Paul HUBERT (Sciences Po – OFCE)
O tomto dokumente
Typ publikácie
Oblasť politiky
Kľúčové slovo
- centrálna banka
- eurotrh
- eurozóna
- Európska centrálna banka
- EURÓPSKA ÚNIA
- FINANCIE
- finančný trh
- inštitúcie EÚ a európska verejná služba
- jednotná menová politika
- kontrola likvidity
- menová ekonómia
- menové vzťahy
- OBCHOD
- obchodná politika
- PODNIKANIE A SÚŤAŽ
- súvaha
- trhový dohľad
- voľný pohyb kapitálu
- účtovníctvo