ECB to tilt future QE to shorter-term bonds – Schnabel
Collateralised lending to play key role in Eurosystem asset composition
The European Central Bank’s balance sheet will be “more responsive to banks’ liquidity demand”, with a structure shaped by the bank’s collateralised lending operations, Isabel Schnabel has said.
In a speech in Frankfurt on November 6, the ECB board member outlined what she saw as ongoing “quantitative normalisation” (QN) of the balance sheet. She also discussed the future of commercial bank reserves, how and when the central bank would reintroduce long-term lending programmes, and its new
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