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This is the first time since 2011 that excess liquidity drops below 100 billion, a threshold that has been generally regarded as key for the impact on overnight rates.
Consequently, the rate on the ECB deposit facility became the main
driver of money market rates, and when it was lowered to zero, it also
took the EONIA alongside it, to unprecedented low levels. | Read more
at Bruegel
http://www.bruegel.org/nc/blog/detail/article/1311-shrinking-times/
...Consequently,
the rate on the ECB deposit facility became the main driver of money
market rates, and when it was lowered to zero, it also took the EONIA
alongside it, to unprecedented low levels.Shrinking times/Bruegel.orgΉ μήπως όχι;
και επίσης: As a result, the amount of liquidity provided to banks in the euro area was no longer determined by the ECB’s assessment of the banking system’s overall liquidity needs, but by banks’ own assessment of their individual liquidity needs. Supply started to be anchored 1:1 to demand and consequently taken out of the control of the central bank.
ακόμα Cash drop in the euro zone adds to impetus for ECB action
As a result, the
amount of liquidity provided to banks in the euro area was no longer
determined by the ECB’s assessment of the banking system’s overall
liquidity needs, but by banks’ own assessment of their individual
liquidity needs. Supply started to be anchored 1:1 to demand and
consequently taken out of the control of the central bank. | Read more
at Bruegel
http://www.bruegel.org/nc/blog/detail/article/1311-shrinking-times/
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