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La BCE au chevet de la liquidité bancaire

Author

Listed:
  • 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.

Suggested Citation

  • Michel Aglietta & Benjamin Carton & Urszula Szczerbowicz, 2012. "La BCE au chevet de la liquidité bancaire," La Lettre du CEPII, CEPII research center, issue 321.
    • Handle: RePEc:cii:cepill:2012-321
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    File URL: http://www.cepii.fr/PDF_PUB/lettre/2012/let321ang.pdf
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    Cited by:

    1. Nicolas Moumni & Benaissa Nahhal, 2014. "Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib)," International Journal of Economics and Financial Issues, Econjournals, vol. 4(4), pages 801-818.

    More about this item

    Keywords

    BCE;

    JEL classification:

    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles

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