Accomodating monetary policy

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It is a little appreciated or discussed fact that central-bank money is issued against collateral—paper assets such as government bonds, bank bonds and non-marketable credit claims.The details regarding the type of collateral that central banks accept and the terms of exchange between collateral and money are tucked away in policy documents with the technocratic-sounding label .

First, and more generally, asset prices may be affected.

This is an especially interesting case because of the complexities that arise from having a single currency across multiple countries.

Moreover, the troubled economic, financial and political states of the euro area arguably represent some of the most worrying economic and political issues of our time.

The evidence shows that the Eurosystem’s collateral framework impairs market forces and discipline.

This is surprising given that market discipline is the third pillar of the Basel regulatory regime for banks, but is consistent with the view that collateral frameworks represent policy.

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