The European Central Bank Quantitative Policy and Its Consistency with the Demand for Liquidity

Hlebik Sviatlana () and Verga Giovanni ()
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Hlebik Sviatlana: Cariparma Crédit Agricole, Financial Management Directorate, Parma, Italy, Ph.D.c Università Cattolica, Milano, Italy
Verga Giovanni: Parma University, Parma, Italy; Laboratorio di Analisi Monetaria, ASSBB, Milano, Italy

Scientific Annals of Economics and Business, 2015, vol. 62, issue 3, 425-451

Abstract: In 2008 the European Central Bank added a new quantitative policy strategy to its traditional control of the interest rates. This new policy, sometimes called “enhanced credit support”, consists of fully satisfying the demand for liquidity of banks, with the European Central Bank deciding only the timing and characteristics of its interventions. This study analyses the market conditions in which these measures have been taken and their consistency with the demand for liquidity by the banking system. Measures in favour of the sovereign debt of PIIGS countries are also considered.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:aicuec:v:62:y:2015:i:3:p:425-451:n:11

DOI: 10.1515/aicue-2015-0029

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