Excess liquidity in the euro area? Assessment and possible ways forward

Christophe Blot (), Jérôme Creel () and François Geerolf ()
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Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, UPN - Université Paris Nanterre
Jérôme Creel: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, ESCP Europe - Ecole Supérieure de Commerce de Paris
François Geerolf: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research

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Abstract: This paper analyses the operational frameworks adopted by the ECB and the consequences of a shift from the floor to the corridor system. The concept of excess liquidity in the euro area is examined, alongside discussions on market liquidity and funding liquidity. The paper emphasises the need to evaluate the implications for monetary policy effectiveness and financial stability of the different frameworks, shedding light on the role of liquidity in maintaining well-functioning financial markets.

Date: 2023-09-21
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Published in PE 747.868, European Parliament's Committee on Economic and Monetary Affairs (ECON). 2023

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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-05616049

DOI: 10.2861/552894

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