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Strategic Stimulus: Analysis of European Monetary Operations

Author

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  • Graham, John

    (Central Bank of Ireland)

  • Nolan, Anthony

    (Central Bank of Ireland)

  • Kane, Paul

    (Central Bank of Ireland)

Abstract

Throughout 2016 and during the first half of 2017, the Eurosystem continued to provide substantial monetary policy stimulus, against an environment of shifting political headwinds and gradually rising inflation both in the euro area and globally. In this article, we review the Eurosystem’s experience over this period outlining the main changes to the Eurosystem’s operational framework, in particular the expansion of the asset purchase programmes and introduction of TLTRO-II, and analyse the impact of these measures on Eurosystem liquidity provision and on liquidity conditions. In this context, the article discusses the measures introduced by other major central banks, while also providing a brief summary of the debt capital market activity of both the Irish government and the main domestic banks.

Suggested Citation

  • Graham, John & Nolan, Anthony & Kane, Paul, 2017. "Strategic Stimulus: Analysis of European Monetary Operations," Quarterly Bulletin Articles, Central Bank of Ireland, pages 52-65, October.
    • Handle: RePEc:cbi:qtbart:y:2017:m:10:p:52-65
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