【英文】IMF报告：2023全球金融稳定报告（126页）

英文研究报告 2023年04月25日 08:59 管理员

In Europe, concerns about the possible economic impact of stress in the banking sector pushed the spread of swaps over French and German short-dated bonds sharply higher (Figure 1.4, panel 1). Tis likely refected investors’ preference to hold high-quality cash securities in a context of a shortage of such collateral in secured funding markets. To preserve the smooth transmission of monetary policy, the European Central Bank afrmed at its March meeting that it is fully equipped to provide liquidity support to the euro area fnancial system if needed (European Central Bank 2023). Additional liquidity support may be needed when mandatory targeted longer-term refnancing operations (TLTRO) repayments come due in June.

At the country level, looking at the share of TLTROs maturing by June 2023 versus the excess liquidity available for repayment reveals potential fragmentation risks—banks in some southern European countries that continue to rely heavily on short-term TLTROs tend also be the same ones that do not have enough excess liquidity to repay (Figure 1.4, panel 2). While the European Central Bank has commenced its quantitative tightening on March 1, the contraction of liquidity coupled with higher funding needs in 2023 has led to concerns over the possibility of fragmentation resurfacing. To address these risks, the European Central Bank established the Transmission Protection Instrument last year to ensure that its monetary policy stance is transmitted smoothly across all euro area countries (European Central Bank 2022).