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Eurosystem Collateral Policy and Framework — Post-Lehman Time as a New Collateral Space

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  • Ansgar Belke
Abstract
Collateral plays a central role in monetary policy. In recent years, its importance has increased as uncollateralised inter-bank borrowing has gradually been replaced by collateralised central bank lending. This has in turn affected collateral availability and the need for high-quality assets. The European Central Bank has reacted to this development by creating a series of different measures to broaden collateral availability, including changing the eligibility rules (e.g. reducing rating thresholds for certain asset classes) or extending the eligible assets (e.g. allowing national central banks to accept bank loans as collateral). In the context of these developments, this article assesses and comments on various aspects of the Eurosystem collateral policy and overall framework. In particular, it examines the economic implications of the current ECB collateral policy for asset allocation and relative asset price developments from a cross-country perspective. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Ansgar Belke, 2015. "Eurosystem Collateral Policy and Framework — Post-Lehman Time as a New Collateral Space," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 50(2), pages 82-90, March.
    • Handle: RePEc:spr:intere:v:50:y:2015:i:2:p:82-90
    DOI: 10.1007/s10272-015-0529-z
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    Cited by:

    1. Bindseil, Ulrich & Corsi, Marco & Sahel, Benjamin & Visser, Ad, 2017. "The Eurosystem collateral framework explained," Occasional Paper Series 189, European Central Bank.
    2. Jens Klose, 2018. "Determinants of the Eurosystem's Central Banks Provisions," Scottish Journal of Political Economy, Scottish Economic Society, vol. 65(4), pages 328-349, September.
    3. Pelizzon, Loriana & Riedel, Max & Simon, Zorka & Subrahmanyam, Marti G., 2024. "Collateral eligibility of corporate debt in the Eurosystem," Journal of Financial Economics, Elsevier, vol. 153(C).
    4. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.

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