Euro area money markets over the past 15 years: changes, driving factors and implications for monetary policy

Stefano Corradin, Marie Hoerova and Glenn Schepens

Research Bulletin, 2021, vol. 82

Abstract: Many central bank measures implemented in past years – most recently the additional longer-term refinancing operations launched by the Eurosystem at the onset of the COVID-19 pandemic – aimed inter alia at safeguarding money market conditions. This is because smoothly functioning money markets are key for the transmission of monetary policy to credit conditions in the economy. In this article we look at money market conditions in the euro area over the past 15 years and discuss the interactions between money markets, central bank policies and new Basel III regulations. JEL Classification: E44, E58, G12, G20, G28

Keywords: asset purchases; leverage ratio; liquidity coverage ratio; Money markets; securities lending (search for similar items in EconPapers)
Date: 2021-03
Note: 1103497
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