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The ECB’s Latest Gimmick. Cash for loans, CEPS Policy Brief No. 341, March 2016

Gros, Daniel. and Valiante, Diego and De Groen, Willem Pieter (2016) The ECB’s Latest Gimmick. Cash for loans, CEPS Policy Brief No. 341, March 2016. [Policy Paper]

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    Abstract

    Among several important monetary policy initiatives decided by the European Central Bank on 10 March 2016 was the launch of a new set of targeted longer-term refinancing operations (TLTRO II), expanding on the previous TLTRO. In assessing this scheme, which might cost up to €24 billion, this Policy Brief finds that while it could become important, it is questionable whether it will achieve its goal of encouraging the extension of credit for new investment, as banks can easily window dress their loan book.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    EU policies and themes > Policies & related activities > economic and financial affairs > economic policy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 05 Apr 2016 11:17
    Number of Pages: 6
    Last Modified: 05 Apr 2016 11:17
    URI: http://aei.pitt.edu/id/eprint/73990

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