Some useful links on the ECB’s distinctive approach to crisis management
ECB launches new support for banks, Financial Times, 8 Dec 2011
ECB press release on additional enhanced credit support, 8 Dec 2011. These measures are in addition to the announcement of a “conventional” rate cut, the main repo rate being reduced by 25bp to 1.00% with similar cuts in the marginal lending facility (to 1.75%) and the deposit facility (to 0.25%).
Challenges to monetary policy in 2012, speech by Vítor Constâncio, Vice-President of the ECB, 8 Dec 2011…note his concluding remark… “the ECB is able and willing to continue fulfilling central banks’ classical role as financial lender of last resort, handling liquidity problems in the financial system without endangering price stability”
Macroeconomic effects of unconventional monetary policy in the euro area, ECB Working Paper No 1397, Nov 2011
The ECB’s non-standard measures, ECB Monthly Bulletin, Jul 2011