Category Archives: ECB

Emergency Liquidity Assistance

I have written a bit about Emergency Liquidity Assistance (ELA) on this blog - see here and here. The ECB seems to follow Tyler Durden rules when it comes to explaining ELA - ‘The first rule of ELA is; We … Continue reading

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This time is for real..

In July 2007 the ECB held a short conference looking at the ‘Eurosystem’s financial crisis exercises.‘ All the papers given at the conference available here (pdf). One interesting paper (available here pdf), by Panagiotis Strouzas - currently head of the … Continue reading

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ECB Liquidity

This post - the first on this blog - looks at ECB liquidity operations. First up are the Main (7day) Refinancing Operations (MRO). Where it says k, read Billions. From Oct 22nd 2008, the ECB started 100% allocation of the … Continue reading

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