The availability of collateral in guaranteed markets will remain decisive for the functioning of the market, it said on Monday. Isabel Schnabel, member of the Executive Committee of the European Central Bank.
“A high level of excess liquidity can further reduce cash-driven activity in some market segments,” Schnabel added while delivering his prepared remarks at the ECB’s money markets conference. “Non-bank financial institutions play an increasingly important role in money markets.”
Market reaction
These comments were largely ignored by market participants. At the time of writing, the pair EUR/USD it was up 0.4% on the day at 1.1900.
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