ecb speech, 2023-11-09
From a macroeconomic perspective, the attractiveness of using both a structural portfolio and refinancing operations to generate reserves is that this is more efficient in getting liquidity into all the cracks (across different types of banks and across jurisdictions), which is plausibly not the case if reserves are only created through a structural bond portfolio and there are frictions to the mobility of reserves.
Sentiment: neutral
Topic: mp_credit