La BCE: quel(s) scénario(s) de sortie de crise ?
Christian Bordes and
Laurent Clerc ()
Revue d'économie financière, 2011, vol. N° 103, issue 3, 117-144
This article examines the exit strategy, which in the ECB’s terminology is to be understood as the unwinding of the various non-standard measures decided independently of the interest rate policy stance. We study the different possible scenarios depending on whether the continuation of non-standard measures or the crisis exit coincide with the extension of an accommodative interest rate policy or a change in its stance. We show that the action of the ECB since the end of 2009 corresponds to a succession of two of these scenarios, first with the unwinding of the so-called “enhanced credit support policy” followed by a monetary policy status quo. However, the emergence of the sovereign debt crisis in the euro area forced the ECB to change tactics, with the implementation of the Securities market programme (SMP) followed, a little later, by the raising of key rates. The current situation remains tense with, on the one hand, banking systems that are still very dependent on the Eurosystem for their refinancing and, on the other, governments that are faced with difficult fiscal positions. This situation illustrates the difficult trade-off between the risk of a premature exit and that of exiting exceptional measures too late, against the backdrop of a financial crisis that has now lasted since the summer of 2007. Classification JEL: E43, F34, G01.
JEL-codes: E43 F34 G01 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Working Paper: La BCE: quel(s) scénario(s) de sortie de crise ? (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_103_0117
Access Statistics for this article
More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().