ECB’s open market operations often raise banks’ liquidity – paper

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The open market operations of the European Central Bank have often increased the amount of liquidity available to French banks, argues a working paper published by the Banque de France.

In Stabilising virtues of central banks: (re)matching bank liquidity, Vincent Legroux, Imène Rahmouni-Rousseau, Urszula Szczerbowicz and Natacha Valla look at data for 87% of the French banking sector by asset size from 2011 to 2015.

The authors use micro-data on the pool of eligible collateral in the ECB’s ope

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