ECB's Gonzalez-Paramo on liquidity management

In the speech 'The challenges to liquidity management in the euro area: the perspective of the ECB' given on 25 January Jose Manuel Gonzalez-Paramo of the ECB said we are still investigating the underlying causes for the upward pressure on short-term interest rate spreads.

"Owing to the fact that the magnitudes are, after all, very small - we are talking about a few basis points - and the sample period is short, it is very difficult to identify the exact causes with analytical tools. One of

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