In the ECB’s statistics, this refers to the euro area banking system as a whole and comprises the euro balances on credit institutions’ current accounts with the Eurosystem. This figure, which is important for central bank policy, is broken down into liquidity-providing factors and liquidity-absorbing factors and further subdivided into transactions in the ECB’s Monthly Bulletin, Annex “Euro Area Statistics,” section “Monetary Statistics,” and in the statistical section of the Deutsche Bundesbank’s Monthly Bulletin, section “Banking Statistics in the European Monetary Union. – However, it is difficult for the central bank to predict when liquidity will ultimately have an impact on demand, especially since changes in the expectations of financial market participants can also explain an abundance of liquidity.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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