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Excess liquidity in the euro area? Assessment and possible ways forward

Author

Listed:
  • Christophe Blot

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, UPN - Université Paris Nanterre)

  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, ESCP Europe - Ecole Supérieure de Commerce de Paris)

  • François Geerolf

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research)

Abstract

This paper analyses the operational frameworks adopted by the ECB and the consequences of a shift from the floor to the corridor system. The concept of excess liquidity in the euro area is examined, alongside discussions on market liquidity and funding liquidity. The paper emphasises the need to evaluate the implications for monetary policy effectiveness and financial stability of the different frameworks, shedding light on the role of liquidity in maintaining well-functioning financial markets.

Suggested Citation

  • Christophe Blot & Jérôme Creel & François Geerolf, 2023. "Excess liquidity in the euro area? Assessment and possible ways forward," Sciences Po Economics Publications (main) hal-05616049, HAL.
    • Handle: RePEc:hal:spmain:hal-05616049
    DOI: 10.2861/552894
    as

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