A term often used in the financial crisis that followed the subprime crisis to describe a central bank’s policy of injecting as much liquidity as possible into the markets through various channels in order to avoid a credit crunch. – See purchases, central bank, carry trades, three-year tender, ECB fall from grace, Larghezza, quantitative easing, stealth policy, full allotment. – Cf. ECB Monthly Bulletin of August 2009, pp. 37 ff (effects of the first longer-term refinancing operation with a one-year maturity), Deutsche Bundesbank Monthly Bulletin of August 2009, p. 46 (ECB purchases of covered bonds; overviews), Financial Stability Report 2011, p. 21 f (full allotment in ECB refinancing operations to be maintained).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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