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La BCE au chevet de la liquidité bancaire

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  • Michel Aglietta
  • Benjamin Carton
  • Urszula Szczerbowicz

Abstract

Les tensions sur le marché de la dette souveraine, le processus de nettoyage du bilan des banques et les signes de récession apparus fin 2011 ont obligé la Banque centrale européenne à mettre en œuvre une série de mesures non-conventionnelles d'ampleur de plus en plus importante. Ces mesures ont permis une accalmie provisoire sur les marchés. Au-delà de cet épisode, la crise financière qui a débuté en août 2007 a souligné la nécessité, pour la BCE, de soutenir la stabilité financière et de répondre à l'hétérogénéité croissante des situations économiques au sein de la zone euro. Cette nouvelle donne exclut toute "normalisation" de l'action de la BCE et demande une redéfinition de ses objectifs et de ses instruments.

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Bibliographic Info

Article provided by CEPII research center in its journal La Lettre du CEPII.

Volume (Year): (2012)
Issue (Month): 321 ()
Pages:

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Handle: RePEc:cii:cepill:2012-321

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Keywords: BCE;

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