BOE2月議事要旨。 [外部リンク] available indicators suggested that pay growth had remained subdued. According to the average weekly earnings measure, total pay growth had remained well below its pre-recession average, and had fallen back further since the middle of 2011. There had been early indications that pay settlements had picked up a little in January, but at 2.7% they remained well below pre-recession norms. Survey evidence in January from the Bank’s Agents had suggested that businesses expected settlements in 2012 to be broadly similar to those in 2011.』
ここを見ますと2回「remained well below pre-recession norms」というのが出てくると思いますが、まあこんな感じでBOEの議論の中では「リセッション前の平常水準との比較」というのが出てくる訳ですが、先日インフレターゲットマンセー講演をしたセントルイス連銀総裁のブラードさんに言わせるとこうなりそうですにゃ。
『Most analysts seem to agree that the middle part of the 2000s was characterized by a “bubble” in the housing sector. Housing prices were high and rising fast compared to nominal GDP. It is not prudent to extrapolate a bubble into the indefinite future and claim that such a calculation provides a good benchmark. Yet, that is what we are doing when we extrapolate fourth quarter 2007 real GDP. Furthermore, we normally have the good sense not to do this in other economic situations.』(これは先日ネタにした2月6日のセントルイス連銀ブラード総裁講演)
『The whole economy employment rate had been broadly flat in the three months to November. While there had been some signs of stronger labour market activity in the monthly CIPS/Markit and REC surveys in January, business surveys of employment more generally had continued to point to weakness in the near term. According to the LFS, the unemployment rate had risen to 8.4% in the three months to November.』
『The extent of downward pressure that those seeking jobs would place on wages would depend on a number of factors, including how transferable their skills were.』
ほれきた。
『There was some tentative evidence that companies had been finding it harder to find suitable employees, and in the second half of 2011 the number of vacancies had been broadly stable while unemployment had increased. This could suggest that the unemployed were less able to fill those vacancies.』
『There had been a sharp rise in the CIPS/Markit manufacturing and services surveys in January. Both had risen above their series averages, and stood at their highest levels since March 2011. The forward-looking balances in both surveys had also increased sharply, which suggested that the strength of output was expected to persist into the second quarter.』
ほう。
『The strength in the CIPS/Markit surveys had not been matched by other survey evidence, however: the CBI and the British Chamber of Commerce survey expectations had both suggested a further contraction in GDP in the first quarter.』
ということで他のサーベイと全然違う結果じゃという話。
『It was possible that the CIPS/Markit surveys were giving a misleading signal, although past statistical relationships had suggested that they were the most informative individual survey indicators of output growth. Moreover, the UK CIPS/Markit surveys had risen in common with those in many other countries around the world.』
『As for the global PMIs, it was possible that the CIPS/Markit surveys might have reflected an improvement in business conditions following the ECB’s LTRO, although it seemed unlikely that it could have led to a sharp pickup in output in such a short space of time. Another possibility, suggested by the Bank’s Agents, was that the CIPS/Markit surveys might have reflected an increase in activity as firms now decided to proceed with previously postponed investment or other spending, even though the uncertainty connected with the euro area remained.』
資産買入を拡大した(というかおかわりした、というのが正しい)BOE2月議事要旨。 [外部リンク] all these factors together, it seemed likely that growth in the first quarter of 2012 would be somewhat stronger than the Committee had expected at its previous meeting. There had, however, as yet been little evidence from the expenditure indicators to corroborate that. Although they had risen on the month, both the GfK and Mori measures of consumer confidence remained depressed, and suggested weak household spending in the first quarter. Export data for the fourth quarter of 2011 had been strong, but recent surveys had been weaker. Survey measures of investment intentions had been largely flat in the fourth quarter.』
『Twelve-month CPI inflation had fallen to 4.2% in December. In line with the usual pre-release arrangements, an advance estimate for twelve-month CPI inflation of 3.6% for January had been provided to the Governor ahead of publication. The fall in CPI inflation since its peak in September had largely matched the Committee’s expectations. CPI inflation was expected to fall further over the next few months, as the contributions from past petrol and utility price increases, and any remaining effects of the previous year’s rise in the standard rate of VAT, dropped out of the twelve-month calculation. Wholesale gas spot prices had risen sharply recently as a consequence of cold weather in the United Kingdom and elsewhere in Europe. Futures prices, which were more important for the setting of utility prices, had risen by far less.』
『On balance, the Committee judged that - on the assumption that Bank Rate moved in line with market interest rates and the stock of purchased assets was held constant at £325 billion - inflation was somewhat more likely to be below target than above it for a good part of the forecast period. By the end of the period, however, those risks were judged to be broadly balanced. The inflation projection was somewhat higher than in November, partly reflecting the larger stock of assets on which the forecast was conditioned, but also reflecting a higher path for oil and other commodity prices.』
『Against this background, and that of its most recent projections to be published in the February Inflation Report, the Committee judged that the weak near-term outlook for growth and the associated downward pressure from slack in the economy meant that, without further monetary stimulus, it was more likely than not that inflation would undershoot the 2% target in the medium term.』
はあそうですか。
『The Committee recognised that there were substantial risks to inflation in the medium term in both directions, and that it would be some time before the uncertainties around these risks were resolved. There was a range of views among Committee members over the evolution of these risks. For some members, the probability of inflation exceeding the target was slightly higher than shown in the projection to be published in the February Inflation Report, and a case could be made for maintaining the stance of policy at this meeting. For others, the case for further easing was more clear-cut.』
『The Committee had announced a programme of £75 billion of asset purchases at its October meeting, and this had recently been completed. While the Committee continued to monitor the impact of its asset purchases, it saw no compelling reason to think that their impact on nominal demand would be materially different than had been anticipated in October. It would keep this under review in judging the policy actions needed to support the recovery and meet the inflation target.』
『In terms of the immediate decision, the Committee considered the arguments for increasing the stock of asset purchases by £50 billion or £75 billion, either of which would be sufficient to put inflation broadly on track to meet the target in the medium term on its central projection. Committee members placed different weights on these arguments.』
[外部リンク] statement to the press conference (with Q&A) Mario Draghi, President of the ECB, Vitor Constancio, Vice-President of the ECB, Frankfurt am Main, 9 February 2012
・担保政策に関連して:各国中銀がリスクを取るとな
質疑の一部を切りますが。
『And, as a follow-up to a previous question, on the collateral you say you will manage the risk. Why will the Eurosystem not share the risk? Why does it have to stay with the national central banks?』
で、答えも対応する所のみにします。
『Concerning the collateral, on top of all the risk management measures and on top of all the strong over-collateralisation - which, once you apply these haircuts, reduces the amount of acceptable collateral by almost two-thirds - to assess the creditworthiness of a credit claim it is essential to know the economy where this credit claim originated. In other words, knowledge of the domestic economy is essential for understanding the creditworthiness of a bank credit claim. The assessment by the national central banks is very important, even though it is conducted on the basis of a common guideline.』
『Therefore, we want to keep the risk related to these assessments with national central banks so they bear the full risk of their choices. In a sense, it is a further mitigating measure for the risk we are assuming. The Banca d’Italia, for example, would carry out the assessment and then it would present the assessment to the Governing Council on the basis of a common guideline and on the basis of common haircuts. So, with a credit claim of about 9, strong over-collateralisation would yield around four - or three, probably - as acceptable collateral. Of this three, the risks must be assessed according to the common guideline and presented to the Governing Council. 』
『I have just a follow-up on collaterals: you told us that the national central banks will present their risk assessment to the Governing Council, but what exactly will happen if some members of the Council aren’t satisfied with what is presented?』
『On the first question, it would be like any other discussion in the Governing Council. We will look -- obviously together with the risk management officers and other very competent staff, -- at the assessments, we will have a discussion and if the Governing Council is not satisfied it will not be accepted. It’s like any other discussion.』
・やってることって裏口財政マネタイズですよねという質疑
まあLTROの担保がアレですからねえ。
『Mr. Draghi, you warned two months ago about legal tricks that circumvent the spirit of the Treaty and that the ECB’s credibility depends on the spirit of the Treaty. All of this talk about what the ECB is going to do with its bond holdings centres around getting money to Greece. There is a hole of 50 billion euro or so, a hole in the funding, and the governments and the banks seem to want the ECB’s money. Is it still your position that the ECB needs to avoid legal tricks? And are these options legal tricks?』
『Absolutely, you can rest assured that this is still my position. So, all the talk about the ECB sharing the losses is unfounded. But I cannot say what we can do about this until tonight, probably after the Eurogroup meeting. We will have to see. Let me add one thing, because perhaps I am not being completely clear. The idea that the ECB could actually give money to the programme would violate the prohibition of monetary financing.』
『Secondly, you are certainly aware that, despite all the success of the LTRO, that in this country some people at least argue that this is a sort of hidden government financing. What is your position on these critical remarks?』
まんまですな(^^)。
『As regards your second questions, the 3-year facilities are there to be used. There is no stigma whatsoever attached to these facilities. This has to be understood by everybody. I would describe some of the statements made as “statements of virility”. Namely, that it would be undignified for a serious bank to access these facilities.』
ほほう、どう使うかは各銀行の経営判断とな。
『Now let me say that the very same banks that made these statements actually already access different kinds of facilities such as the euro dollar credit swap facility. Another bank, which according to a newspaper report made an indignant statement that there would be a stigma, actually accessed the LTRO. So, some of these “virility” or “manhood” statements are often incorrect. I think it’s a business decision. Some banks thought that it is far better for banks to fully access these facilities, unlike those that made these statements. So they saw no stigma. It’s a business decision that should be presented as such. I should add that the crisis, which the banking system and the funding system is currently facing, originates from a sovereign crisis. So the banks that happen to be located in countries that do not have any fiscal crisis, that have always undertaken the appropriate reforms, should give more credit to their governments for having been virtuous all along.』
『And secondly, could you give us a flavour, please, on how the discussion went on extension of the collateral framework and the changes in the quality standards? Was it unanimous, was there a wide agreement, were there lively discussions, as you called it last time when the interest rates were lowered?』
『As regards your second point, the discussion was not unanimous, but it was not particularly contentious. There was wide agreement, although there was no unanimity.』
『And a second question, a personal one: you have already shown us that you are a good risk manager, but what about your stance as a central banker, and what is your personal conclusion after your first 100 days in office?』
『Now, the second question was about my first 100 days. Well, it’s hard to respond but if you read a few newspapers that are also represented here you will get a full documentation of what they think.』
『But what about your principles as a central banker then? You’ve shown us that you are a good risk manager, but it is hard to get any statement about you or your stance.』
『Well, I think the proof is in the eye of the beholder. I have respected the mandate of the ECB, which is to maintain price stability in the medium term. Inflationary expectations have remained firmly anchored - both before I became president, in the years of my predecessor, and in the first 100 days. But admittedly, it is a very short time to judge someone, it could get much worse.』
『I was a bit confused by your initial statement when you said: “Yes, we take on more risks, but we manage them well.” Could you perhaps just clarify on balance: is the Eurosystem more at risk or less at risk, or is it equal, as a result of your decision?』
『We, the Governing Council, thought that the amount of risk that was taken on board was perfectly acceptable and very well managed. We take risks with everything: we take risks with normal monetary policy operations, with LTROs, with the SMP. The important thing is that once we take these risks, firstly we don’t judge them to be excessive and secondly, and most importantly, we manage them well. We have full confidence in our staff that these risks can be well managed.』
『Members viewed the information on U.S. economic activity received over the intermeeting period as suggesting that the economy had been expanding moderately and generally agreed that the economic outlook had not changed greatly since they met in December.』
『A few members observed that, in their judgment, current and prospective economic conditions--including elevated unemployment and inflation at or below the Committee\\\'s objective--could warrant the initiation of additional securities purchases before long. Other members indicated that such policy action could become necessary if the economy lost momentum or if inflation seemed likely to remain below its mandate-consistent rate of 2 percent over the medium run.』
『In contrast, one member judged that maintaining the current degree of policy accommodation beyond the near term would likely be inappropriate; that member anticipated that a preemptive tightening of monetary policy would be necessary before the end of 2014 to keep inflation close to 2 percent.』
どう見てもラッカー総裁です本当にありがとうございました。
んでもって12月のFOMC議事要旨ではこの辺がこうなっておりました。同じような辺りにございます。
『A number of members indicated that current and prospective economic conditions could well warrant additional policy accommodation, but they believed that any additional actions would be more effective if accompanied by enhanced communication about the Committee\\\'s longer-run economic goals and policy framework.』
『A few others continued to judge that maintaining the current degree of policy accommodation beyond the near term would likely be inappropriate given their outlook for economic activity and inflation, or questioned the efficacy of additional monetary policy actions in light of the nonmonetary headwinds restraining the recovery. 』
まあメンバーの顔触れが変わっているので正常化必要だよ派が減っている(12月時点での正常化派はコチャラコタとかプロッサーとかフィッシャーとかいましたから)のは良いとしまして、追加緩和必要だよ派が「A number of」だったのがいきなり減っていまして、今回の追加緩和のようなもの(単にフォワードガイダンスを長期化しただけですが)で満腹になってしまったのですかねえ???というのが微妙に????ではあります。まあ足元の米経済の指標が堅調なのと、物価が案外サガランチ会長なのが影響しているのかもしれませんけれども、この間の変化がちと気になる所ではありますな。
[外部リンク] on Longer-Run Goals and Monetary Policy Strategy』から。
『Following the Committee's disposition of organizational matters, participants considered a revised draft of a statement of principles regarding the FOMC's longer-run goals and monetary policy strategy. The revisions reflected discussion of an earlier draft during the Committee's December meeting as well as comments received over the intermeeting period.』
ということで12月のFOMCでドラフトがあってそれをリバイスしたみたいですな。
『The Chairman noted that the proposed statement did not represent a change in the Committee's policy approach. Instead, the statement was intended to help enhance the transparency, accountability, and effectiveness of monetary policy.』
『Second, the statement specifies a numerical inflation goal in a context that firmly underscores the Federal Reserve's commitment to fostering both parts of its dual mandate.』
『Third, the statement is intended to serve as an overarching set of principles that would be reaffirmed during the Committee's organizational meeting each year, and the bar for amending the statement would be high.』
『All participants but one supported adopting the revised statement of principles regarding longer-run goals and monetary policy strategy, which is reproduced below.』
公表文書部分は割愛します(公表文書そのまんまです)。
『All FOMC members voted to adopt this statement except Mr. Tarullo, who abstained because he questioned the ultimate usefulness of the statement in promoting better communication of the Committee's policy strategy.』
んでまあ途中の連銀スタッフのレビュー部分とか全部スルーしまして(一応読んだのでネタが無かったらネタに使うかも^^)『Participants' Views on Current Conditions and the Economic Outlook』の思い切りケツの方から(つまりインスタント手抜き法での読みと結果的にネタとして使っているのが同じという残念な状態に)参ります。
インフレに関するパラグラフの後半から。
『Looking farther ahead, participants generally judged that the modest expansion in economic activity that they were projecting would be consistent with a gradual reduction in the current wide margins of slack in labor and product markets and with subdued inflation going forward.』
『Some remained concerned that, with the persistence of considerable resource slack, inflation might continue to drift down and run below mandate-consistent levels for some time. However, a couple of participants were concerned that inflation could rise as the recovery continued and argued that providing additional monetary accommodation, or even maintaining the current highly accommodative stance of monetary policy over the medium run, would erode the stability of inflation expectations and risk higher inflation.』
『Committee participants discussed possible changes to the forward guidance that has been included in the Committee's recent post-meeting statements. Many participants thought it important to explore means for better communicating policymakers' thinking about future monetary policy and its relationship to evolving economic conditions.』
『A couple of participants expressed concern that some press reports had misinterpreted the Committee's use of a date in its forward guidance as a commitment about its future policy decisions.』
2名の方がこのように懸念しておられます。
・期間ではなく「失業率とインフレ率に紐付けたガイダンスにすべき」という見解が出るの巻
この話が出てから議論が盛り上がって参りましたという感じになるのですが、
『Several participants thought it would be helpful to provide more information about the economic conditions that would be likely to warrant maintaining the current target range for the federal funds rate, perhaps by providing numerical thresholds for the unemployment and inflation rates.』
『Different opinions were expressed regarding the appropriate values of such thresholds, reflecting different assessments of the path for the federal funds rate that would likely be appropriate to foster the Committee's longer-run goals.』
んでまあそれに対して色々な意見が出ているのがいい感じでカオスである。
・紐付け時間軸は金融政策のフォワードルッキングアプローチを損なうのでは派
まあそらそうなんですけどね。
『However, some participants worried that such thresholds would not accurately or effectively convey the Committee's forward-looking approach to monetary policy and thus would pose difficult communications issues, or that movements in the unemployment rate, by themselves, would be an unreliable measure of progress toward maximum employment.』
『Several participants proposed either dropping or greatly simplifying the forward guidance in the Committee's statement, arguing that information about participants' assessments of the appropriate future level of the federal funds rate, which would henceforth be contained in the Summary of Economic Projections (SEP), made it unnecessary to include forward guidance in the post-meeting statement.』
それもまあ一理以上ありそうな感じですが、更にそれに反論が。
・SEPの見通しは投票権の有無に関するウェイトを無視しているからダメだろ派
『However, several other participants emphasized that the information regarding the federal funds rate in the SEP could not substitute for a formal decision of the members of the FOMC.』
『Participants agreed to continue exploring approaches for providing the public with greater clarity about the linkages between the economic outlook and the Committee's monetary policy decisions.』
[外部リンク] on Longer-Run Goals and Monetary Policy Strategy』に関連してでして、そこでの議論らしきものがスルー気味なのがツマランチ会長なのですけれども、まあイエレンが説明しているポイントもふーんと思いましたがもうちょっと解釈を考えたいので一旦スルー。
『All FOMC members voted to adopt this statement except Mr. Tarullo, who abstained because he questioned the ultimate usefulness of the statement in promoting better communication of the Committee's policy strategy.』
[外部リンク] statement to the press conference (with Q&A) Mario Draghi, President of the ECB, Vitor Constancio, Vice-President of the ECB, Frankfurt am Main, 9 February 2012
[外部リンク] statement to the press conference (with Q&A) Mario Draghi, President of the ECB, Vitor Constancio, Vice-President of the ECB, Frankfurt am Main, 9 February 2012
『Question: My first question is: so far the LTRO seems to be working very well, like a magic stick, or something like that, and people may think that the ECB might prefer this further LTRO to a rate cut. What is your comment on that? My second question is: this week, the Japanese Government announced that it has been intervening in the foreign exchange market for several days, from the end of October of last year, and without announcement. Your predecessor, Mr Trichet, said last August that such interventions need to be done on the basis of multilateral agreement and that that was not the case with the actions of Japan. The US Treasury has also made a similar critique. What do you think about that?』
『Draghi: In answer to the first question, there is no trade-off between the two measures. The LTRO addresses the quantitative shortages and liquidity constraints of certain parts of the euro area financial and banking system. The interest rate changes address pricing conditions, assuming that the euro area banking and financial conditions are working well, that the circumstances are normal. In that case you change the price of assets; you change the price of short-term rates, and so on. So they are two different things in the sense that they address different situations, different problems. Regarding the Japanese interventions, I can confirm what my predecessor said on that occasion: the interventions, if they are needed, should be done in a multilateral framework - they should not be unilateral.』
[外部リンク] Release Bank of England maintains Bank Rate at 0.5% and increases size of Asset Purchase Programme by £50 billion to £325 billion
『The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £50 billion to a total of £325 billion.』
ということで買入拡大キタコレですが・・・・
『In the United Kingdom, the underlying pace of recovery slowed during 2011, with activity falling slightly during the final quarter. Some recent business surveys have painted a more positive picture and asset prices have risen. But the pace of expansion in the United Kingdom’s main export markets has also slowed and concerns remain about the indebtedness and competitiveness of some euro-area countries.』
欧州問題の波及懸念とな。
『A gradual strengthening of output growth later this year should be supported by a gentle recovery in household real incomes as inflation falls, together with the continued stimulus from monetary policy. But the drag from tight credit conditions and the fiscal consolidation together present a headwind.』
『The correspondingly weak outlook for near-term output growth means that a significant margin of economic slack is likely to persist.』
『CPI inflation has fallen back from its September peak, declining to 4.2% in December. Inflation should continue to fall sharply in the near term, as the increase in VAT in January 2011 drops out of the twelve-month comparison.』 はあはあそうですか(棒読み)。
『Inflation is then likely to decline further as the contribution of energy and import prices diminishes, while downward pressure from unemployment and spare capacity continues to restrain domestically generated inflation.』
『In the light of its most recent economic projections, the Committee judged that the weak near-term growth outlook and associated downward pressure from economic slack meant that, without further monetary stimulus, it was more likely than not that inflation would undershoot the 2% target in the medium term.』
『The Committee therefore voted to increase the size of its programme of asset purchases, financed by the issuance of central bank reserves, by £50 billion to a total of £325 billion. The Committee also voted to maintain Bank Rate at 0.5%.』 ということで資産買入拡大と。
『The Committee expects the announced programme of asset purchases to take three months to complete. The scale of the programme will be kept under review.』
決定事項について [外部リンク] February 2012 - Monetary policy decisions
『At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.00%, 1.75% and 0.25% respectively. The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.』
『Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. The information that has become available since mid-January broadly confirms our previous assessment. Inflation is likely to stay above 2% for several months to come, before declining to below 2%. Available survey indicators confirm some tentative signs of a stabilisation in economic activity at a low level around the turn of the year, but the economic outlook remains subject to high uncertainty and downside risks. The underlying pace of monetary expansion remains subdued.』
『Looking ahead, it is essential for monetary policy to maintain price stability for the euro area as a whole. This ensures a firm anchoring of inflation expectations in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term. Such anchoring is a prerequisite for monetary policy to make its contribution to supporting economic growth and job creation in the euro area. A very thorough analysis of all incoming data and developments over the period ahead is warranted.』
インフレ期待の安定化がどうのこうのという話はいつも同じ事を言っているので華麗にスルー。
・・・・ということで若干新年以降の明るい兆しがという話をしているのがほほうという感じ。
第2パラグラフ
『Through our non-standard monetary policy measures we will continue to support the functioning of the euro area financial sector, and thus the financing of the real economy.』
『Since the first three-year longer-term refinancing operation (LTRO) was conducted in December 2011 we have approved specific national eligibility criteria and risk control measures for the temporary acceptance in a number of countries of additional credit claims as collateral in Eurosystem credit operations, which should lead to an increase in available collateral. Further details will be provided in a press release to be published today at 3.30 p.m.』
適格担保拡大キタコレ。
『At the start of the current reserve maintenance period on 18 January 2012 the reserve ratio was reduced, freeing up additional collateral. As stated on previous occasions, all our non-standard measures are temporary in nature.』
つーことで引き続きのECB信用緩和攻撃はこちら [外部リンク] RELEASE 9 February 2012 - ECB’s Governing Council approves eligibility criteria for additional credit claims
『The Governing Council of the European Central Bank (ECB) has approved, for the seven national central banks (NCBs) that have put forward relevant proposals, specific national eligibility criteria and risk control measures for the temporary acceptance of additional credit claims as collateral in Eurosystem credit operations. Details of these specific national measures will be made available on the websites of the respective NCBs: Central Bank of Ireland, Banco de Espana, Banque de France, Banca d’Italia, Central Bank of Cyprus, Oesterreichische Nationalbank and Banco de Portugal.』
各国中銀のサイトまで見に行く暇がないので引用だけで勘弁。
『These developments follow up on the decision of the Governing Council of 8 December 2011 to increase collateral availability by allowing Eurosystem NCBs, as a temporary solution, to accept additional performing credit claims as collateral. 』
『Eurosystem NCBs continue to work on developing specific national eligibility criteria for additional credit claims. Any further Governing Council decisions in this respect will be communicated through the monthly publication “Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)” and announcements made by the respective NCBs. Eurosystem counterparties are invited to contact their respective NCBs to obtain further details on the specific national eligibility criteria for additional credit claims. The general Eurosystem eligibility criteria for credit claims, as stipulated in the publication “The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures” remain unchanged.』
『For a chronological listing of the measures see the Annex "Chronology of monetary policy measures of the Eurosystem" in the November 2011 Monthly Bulletin [3.15 MB] and for details on the ECB's non-standard measures, including a comparison with the Fed and the Bank of Japan, see "IV. The ECB’s response to the financial crisis" of the President's speech "The ECB’s enhanced credit support" (13 July 2009). 』
