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The balance sheet of the Eurosystem

In: Research Handbook of Financial Markets

Author

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  • Oreste Tristani

Abstract

This chapter discusses the evolution of the balance sheet of the Eurosystem since 1999, when the Economic and Monetary Union was established. Special attention is devoted to unconventional monetary policy measures, which were deployed in response to the Global financial crisis and led both to a marked increase in the size of the Eurosystem’s balance sheet, and to a change in its composition. After describing salient features of unconventional measures, including how their implementation was affected by the lack of a central fiscal authority in the euro area, the chapter reviews the empirical literature assessing their effectiveness. While there is persuasive evidence that the measures produced a significant and persistent impact on financial asset prices, much remains to be understood regarding their macroeconomic effects.

Suggested Citation

  • Oreste Tristani, 2023. "The balance sheet of the Eurosystem," Chapters, in: Refet S. Gürkaynak & Jonathan H. Wright (ed.), Research Handbook of Financial Markets, chapter 2, pages 33-55, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20173_2
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    Keywords

    Economics and Finance;

    Statistics

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