【英文】IMF报告：2023全球金融稳定报告（126页）

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).