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The Eurosystem's quantitative easing measures and the financial account

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  • Jorge Martínez Pagés

Abstract

This article shows how the ECB quantitative easing policy has generated excess liquidity within the euro area, promoting financial flows between countries. This contributed to a positive balance in the 2015 financial account of Spain’s balance of payments excluding the central bank, which is higher than the surplus on the current and capital accounts. As a result, last year the Banco de España’s negative external position increased, although the nature of these flows differs notably from that in the period of sovereign debt stress in 2012. On the whole, the net debtor position of the Spanish economy decreased in 2015, while major net investment flows into Spain were forthcoming from non-residents.

Suggested Citation

  • Jorge Martínez Pagés, 2016. "The Eurosystem's quantitative easing measures and the financial account," Economic Bulletin, Banco de España, issue APR, pages 3-13, April.
    • Handle: RePEc:bde:journl:y:2016:i:4:n:1
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