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.
Detaljna analiza
Vanjski autor
Christophe BLOT, Jérôme CREEL, Paul HUBERT (Sciences Po – OFCE)
Informacije o dokumentu
Vrsta publikacije
Područje politike
Ključna riječ
- bilanca
- europodručje
- Europska središnja banka
- EUROPSKA UNIJA
- eurotržište
- FINANCIJE
- financijsko tržište
- institucije EU-a i europska javna služba
- jedinstvena monetarna politika
- kontrola likvidnosti
- monetarna ekonomija
- monetarni odnosi
- POSLOVANJE I KONKURENCIJA
- računovodstvo
- slobodno kretanje kapitala
- središnja banka
- TRGOVINA
- trgovinska politika
- tržišni nadzor