Rue de la Banque no. 10: Did the Eurosystem’s LTROs of 2011 and 2012 help to avert a credit crunch in the euro area?

By Andrade Philippe, Mésonnier Jean-Stéphane, Cahn Christophe, Fraisse Henri

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The two 3-year longer-term refinancing operations (LTROs) implemented by the Eurosystem in December 2011 and February 2012 had a positive impact on loan supply in France; the opportunity to substitute long-term central bank borrowing for short-term borrowing was instrumental in this transmission.

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Rue de la Banque no. 10: Did the Eurosystem’s LTROs of 2011 and 2012 help to avert a credit crunch in the euro area?
  • Published on 09/02/2015
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Updated on: 05/04/2017 17:47