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Tag Archives: Marvin Goodfriend
ECB, SMP, ETC. Who pays for what?
After the financial crisis hit in 2008, new acronyms have been appearing at a rapid pace around the globe. These mainly describe the various measures taken by the world’s central banks to offset the troubles caused by the crisis. Many took the form of liquidity provisions to aid “frozen” banking markets. The European Central Bank launched on May 14, 2010 a so-called Securities Market Programme (SMP), under which it – temporarily – allows itself to purchase Euro denominated government bonds. In its decision, the ECB motivated the move by “ . . . in view of the current exceptional circumstances in financial markets, characterised by severe tensions in certain market … Continue reading
Posted in Economics, Macroeconomics, Monetary policy
Tagged Central bank independence, central banks, European Central Bank, Financial crisis, Jean Claude Trichet, Marvin Goodfriend, Quantitative easing, Securities Markets Programme, Treaty on European Union
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