Document Type
Case Study
Case Series
Market Liquidity Programs
JEL Codes
G01, G28
Abstract
The Eurozone struggled during the escalation of the sovereign debt crisis in 2010. In order to aid malfunctioning securities markets, restore liquidity, and enable proper functioning of the monetary policy transmission mechanism, the European Central Bank (ECB) instituted the Securities Markets Programme (SMP) on May 9, 2010. This program enabled Eurosystem central banks to purchase securities from entities in Greece, Ireland, Portugal, Italy, and Spain. The program ended on September 6, 2012, and evaluations of its effectiveness are mixed.
Recommended Citation
Smith, Ariel
(2020)
"The European Central Bank's Securities Markets Programme (ECB GFC),"
Journal of Financial Crises: Vol. 2
:
Iss. 3, 369-381.
Available at:
https://elischolar.library.yale.edu/journal-of-financial-crises/vol2/iss3/15
Date Revised
2020-10-08
Included in
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