Liquidity-providing operations initiated by the ECB in the event of exceptional market stress, as in the course of the subprime crisis. In this case, the ECB used a tender procedure to cover all bids (fixed rate with full allotment), above all to counteract sharp interest rate spikes at the end of the year. – See purchases, central bank, three-year tender, quantitative easing, stealth policy, full allotment, twelve-month tender. – Cf. ECB Monthly Bulletin, May 2008, pp. 93 ff (detailed description of measures; many overviews), Financial Stability Report 2011, p. 21 f (full allotment maintained in ECB refinancing operations).
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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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https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
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