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Emergency Liquidity Assistance in the Eurosystem
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Speaker: Christos Gortsos (National and Kapodistrian University of Athens)
Commentator: Vítor Constâncio (former Vice-President of the European Central Bank)
Recording of the online seminar on 17 February 2020.
More information:
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Last-resort lending is usually understood as the provision of liquidity by central banks to individual solvent banks in exceptional circumstances, on a temporary basis and against adequate collateral. Since it constitutes a liquidity crisis management instrument, it is distinguished from monetary policy measures implemented by central banks. As part of a traditional approach often referred to as ‘constructive ambiguity’, the conditions under which central banks may exercise their power to act as lenders of last resort are not set out explicitly in legislative or regulatory provisions. This applies also in the context of the Eurozone, since the provision of central bank credit in the form of Emergency Liquidity Assistance (ELA) to solvent credit institutions established in the euro area is not provided for in the EU Treaties. The relevant procedural arrangements are indeed laid down in the 2017 ECB “Agreement on emergency liquidity assistance” which Prof. Gortsos has comprehensively analysed as part of his upcoming book "European Central Banking Law – The Role of the European Central Bank and National Central Banks under European Law" (Palgrave Macmillan). Against this background, Prof. Gortsos will engage with the following questions in this online seminar:
- Who provides Emergency Liquidity Assistance (ELA) in the Eurosystem and under which conditions?
- When and where was ELA provided during the euro crisis and what have we learned from these episodes?
- When and how can ELA provision interfere with the objectives and tasks for the Eurosystem?
* The views and opinions expressed in this video are those of the speakers or authors in their personal capacity and do not necessarily reflect the official position of the Robert Schuman Centre or the European University Institute. *
Commentator: Vítor Constâncio (former Vice-President of the European Central Bank)
Recording of the online seminar on 17 February 2020.
More information:
---
Last-resort lending is usually understood as the provision of liquidity by central banks to individual solvent banks in exceptional circumstances, on a temporary basis and against adequate collateral. Since it constitutes a liquidity crisis management instrument, it is distinguished from monetary policy measures implemented by central banks. As part of a traditional approach often referred to as ‘constructive ambiguity’, the conditions under which central banks may exercise their power to act as lenders of last resort are not set out explicitly in legislative or regulatory provisions. This applies also in the context of the Eurozone, since the provision of central bank credit in the form of Emergency Liquidity Assistance (ELA) to solvent credit institutions established in the euro area is not provided for in the EU Treaties. The relevant procedural arrangements are indeed laid down in the 2017 ECB “Agreement on emergency liquidity assistance” which Prof. Gortsos has comprehensively analysed as part of his upcoming book "European Central Banking Law – The Role of the European Central Bank and National Central Banks under European Law" (Palgrave Macmillan). Against this background, Prof. Gortsos will engage with the following questions in this online seminar:
- Who provides Emergency Liquidity Assistance (ELA) in the Eurosystem and under which conditions?
- When and where was ELA provided during the euro crisis and what have we learned from these episodes?
- When and how can ELA provision interfere with the objectives and tasks for the Eurosystem?
* The views and opinions expressed in this video are those of the speakers or authors in their personal capacity and do not necessarily reflect the official position of the Robert Schuman Centre or the European University Institute. *
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