Eurozone excess liquidity focused on five states – ECB paper
Funding stress no longer drives concentration of holdings, say researchers
Excess liquidity holdings in the eurozone are still highly concentrated in five eurozone countries and among the area’s biggest 50 banks, an occasional paper published by the European Central Bank argues.
This has been true since 2008, the paper finds, but it also says the reasons for this concentration have changed significantly since the end of 2012. Most importantly, it argues that the conditions driving concentrated holdings of excess liquidity are no longer hampering monetary policy.
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