Specialised lending initiative: Clearstream

Tilman Fechter
Tilman Fechter, Clearstream
Photo: Clearstream

Major central banks have responded to the Covid-19 crisis by expanding their unconventional policies, notably asset purchase programmes. The US Federal Reserve and European Central Bank have significantly increased their balance sheets since early 2020 in a bid to maintain loose financing conditions.

In the eurozone, because of its large holdings, the ECB needs to return liquidity to the securities market to make sure it works smoothly. This is carried out through a decentralised securities

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