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Fitch欧洲央行的作用临时支柱或结构托换
Banks
Europe The Role of the ECB —
Special Report
TemporaryPropor Structural Underpinning?
Analysts Summary
Claudia Nelson Additional liquidity provided by the European Central Bank (ECB) since 2007 was
+44 20 7682 7140 successful in restoring confidence in the financial markets at the height of the
claudia.nelson@ economic crisis which began in August 2007. In Fitch Ratings’ opinion, the ECB has
Maria Jose Lockerbie safeguarded the financial stability of the euro zone banks throughout the crisis. The
+ 44 20 74 17 43 18 agency believes that the ECB will continue to reassure and support and, most
mariajose.lockerbie@ importantly, work to restore confidence to the markets in terms of liquidity
Bridget Gandy provision, as and when required.
+ 44 20 74 17 4346
bridget.gandy@ However, the non‐standard liquidity measures provided in the wake of the financial
James Longsdon crisis were never intended to be permanent, as prolonged use would encourage
+ 44 20 74 17 4309 additional risk‐taking and lead to competition distortion and the postponement of
james.longsdon@ necessary balance sheet adjustments. As the majority of European banks started to
Helene Heberlein improve their financial position, the ECB announced that its liquidity support would
+44 20 7417 4218 gradually be withdrawn over the course of 2010 and 2011. Current e
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