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Monetary policy and liquidity concentration in the euro area
[Politique monétaire et concentration de la liquidité en zone euro]

Author

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  • Vincent Grossmann-Wirth
  • Benoît Hallinger

Abstract

The Eurosystem’s non-standard monetary policy has led to a significant build-up of excess liquidity in the euro area banking system, concentrated among a few countries. Since 2015, this concentration can mainly be explained by the Eurosystem’s asset purchase programme (APP) and the geographical location of the accounts and settlement circuits used in its implementation. La politique monétaire non conventionnelle de l’Eurosystème a conduit à l’accumulation d’un fort excédent de liquidité du système bancaire de la zone euro, concentré dans quelques pays. Depuis 2015, cette concentration s’explique avant tout par le programme d’achat de titres (APP) et la géographie des comptes et circuits de règlement liés à son exécution.

Suggested Citation

  • Vincent Grossmann-Wirth & Benoît Hallinger, 2018. "Monetary policy and liquidity concentration in the euro area [Politique monétaire et concentration de la liquidité en zone euro]," Eco Notepad (in progress) 93, Banque de France.
    • Handle: RePEc:bfr:econot:93
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