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Eurosystem collateral policy and framework- Was it unduly changed?

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  • Guntram B. Wolff

Abstract

This Policy Contribution was prepared for the European Parliament Committee on Economic and Monetary Affairs. All Eurosystem credit operations, including the important open market operations, need to be based on adequate collateral. Liquidity is provided to banks against collateral at market prices subject to a haircut. The Eurosystem adapted its collateral framework during the crisis to accept lower-rated assets as collateral. Higher haircuts are applied to insure against liquidity risk...

Suggested Citation

  • Guntram B. Wolff, 2014. "Eurosystem collateral policy and framework- Was it unduly changed?," Policy Contributions 857, Bruegel.
    • Handle: RePEc:bre:polcon:857
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    Citations

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    Cited by:

    1. Stefano Micossi, 2015. "The Monetary Policy of the European Central Bank (2002-2015)," Bruges European Economic Policy Briefings 35, European Economic Studies Department, College of Europe.
    2. Christophe Blot & Jérôme Creel & Paul Hubert, 2018. "The effect and risks of ECB collateral framework changes," SciencePo Working papers Main hal-03475456, HAL.
    3. Jorg Bibow, 2015. "The Euro's Savior? Assessing the ECB's Crisis Management Performance and Potential for Crisis Resolution," Economics Working Paper Archive wp_845, Levy Economics Institute.
    4. Eladio Febrero, 2020. "The Changing Growth Pattern in the Spanish Economy Driven by the Eurosystem: from Poor Supervision to Conditionality on the Provision of Central Bank Reserves," Bulletin of Political Economy, Bulletin of Political Economy, vol. 14(2), pages 179-201, December.
    5. Cassola, Nuno & Koulischer, François, 2019. "The collateral channel of open market operations," Journal of Financial Stability, Elsevier, vol. 41(C), pages 73-90.
    6. Jakob Vestergaard & Daniela Gabor, 2021. "Central Banks Caught Between Market Liquidity and Fiscal Disciplining: A Money View Perspective on Collateral Policy," Working Papers Series inetwp170, Institute for New Economic Thinking.
    7. Tokarski, Paweł, 2016. "Die Europäische Zentralbank als politischer Akteur in der Eurokrise: Mandat, Stellung und Handeln der EZB in einer unvollständigen Währungsunion," SWP-Studien S 14/2016, Stiftung Wissenschaft und Politik (SWP), German Institute for International and Security Affairs.
    8. repec:hal:spmain:info:hdl:2441/4hi059h9n59cr91qdfgmoo2o3c is not listed on IDEAS
    9. Ad Van Riet, 2017. "A New Era For Monetary Policy: Challenges For The European Central Bank," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(01), pages 57-86, March.
    10. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
    11. J. Barthélemy & V. Bignon & B. Nguyen, 2018. "Monetary Policy and Collateral Constraints since the European Debt Crisis," Working papers 669, Banque de France.
    12. Micossi, Stefano, 2015. "The Monetary Policy of the European Central Bank (2002-2015)," CEPS Papers 10610, Centre for European Policy Studies.

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