"in an environment with less excess liquidity [...], credit institutions might need to hold higher volumes of marketable HQLA." I guess it is the expected result to put SRF, trying to sterilize reserves while getting progressively away from QE.. 😏 Debt as good as cash 😌
πŸ‘‡Just published in collaboration with #Eurosystem colleagues: our @ecb Occasional paper on the link between demand for central bank reserves and monetary policy implementation frameworks πŸ€“πŸ’« #bdfeco Thread 1/7 ecb.europa.eu/pub/pdf/scpops…
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9:29 AM Β· Sep 27, 2021