IMF Staff Country Reports

Euro Area: Publication of Financial Sector Assessment Program Documentation-Technical Note on Systemic Liquidity

July 25, 2025

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Format: Chicago

International Monetary Fund. Monetary and Capital Markets Department "Euro Area: Publication of Financial Sector Assessment Program Documentation-Technical Note on Systemic Liquidity", IMF Staff Country Reports 2025, 209 (2025), accessed 12/7/2025, https://doi.org/10.5089/9798229018111.002

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Summary

Progress has been made in several areas highlighted in the 2018 FSAP (Appendix I). Most notably the European Central Bank (ECB) strengthened its liquidity monitoring framework and modified the central clearing counterparty (CCP) credit facility. A key recommendation of the 2018 FSAP to centralize emergency liquidity assistance (ELA) has not progressed.

Subject: Asset and liability management, Collateral, Credit, Financial crises, Financial institutions, Financial statements, Lender of last resort, Liquidity, Money, Public financial management (PFM)

Keywords: Collateral, Credit, directorate General market operation, ECB balance sheet normalization, ECB market program, Financial statements, Global, Lender of last resort, Liquidity, money market metrics, staff team of the International Monetary Fund