ECB - Monetary Policy Analysis

by Eduardo Petazze
Weekly European Central Bank publishes its financial statements at the end of the day Friday.
The following table summarizes the financial accounts for the euro monetary policy, for the years 2012 and until July 2013.
The last column expresses net contraction policy operated until mid-2012, for existing monetary stimulus in the same dates in 2011.
European Central Bank (ECB) Weekly Financial Statement 2012
Banks deposits in the ECB
Euro
Lending to
Millions banks (1)

Current
accounts

Reserve
requirement
s

Deposit
facility

Securities held for monetary policy purposes

Net (2)

Covered Covered
Bond # 1 Bond # 2

SMP

Fixed-term
deposits

Net (3)

Net Effect of Monetary

Policy
(4)= [(3)-(2)+(1)]

Annual
change

06 Jan

835,978

156,514

207,027

463,565

413,052

58,650

3,128

213,051

211,500

63,329

486,255

13 Jan

817,255

132,536

207,027

493,272

418,781

58,583

3,434

216,817

213,000

65,834

464,308

-21,984
-34,815

20 Jan

831,730

134,722

103,330

491,780

523,172

58,043

5,146

219,026

217,000

65,215

373,773

-140,150

27 Jan

809,248

88,939

103,330

488,884

474,493

58,018

5,472

219,089

219,000

63,579

398,334

-133,184

03 Feb

794,978

83,915

103,330

511,438

492,023

57,753

5,575

219,213

219,000

63,541

366,496

-146,929

10 Feb

787,255

83,209

103,330

507,876

487,755

57,616

5,801

219,271

219,000

63,688

363,188

-130,925

17 Feb

796,332

132,473

104,294

454,356

482,535

57,249

6,509

219,271

219,500

63,529

377,326

-110,491

24 Feb

819,682

93,676

104,294

477,324

466,706

57,249

7,089

219,271

219,500

64,109

417,085

-77,159

02 Mar

1,130,352

91,402

104,294

820,819

807,927

57,249

7,560

219,271

219,500

64,580

387,005

-106,504

09 Mar

1,118,273

97,943

104,294

797,953

791,602

57,249

7,986

217,775

219,500

63,510

390,181

-84,731

16 Mar

1,149,485

132,173

105,370

758,754

785,557

56,966

8,658

217,775

218,000

65,399

429,327

-41,349

23 Mar

1,155,888

89,273

105,367

785,393

769,299

56,905

8,936

213,502

218,000

61,343

447,932

-31,224

30 Mar

1,153,584

108,653

105,367

778,702

781,988

56,905

9,191

213,502

213,500

66,098

437,694

-24,926

06 Apr

1,154,483

86,028

105,366

784,829

765,491

56,832

9,436

214,155

213,500

66,923

455,915

-2,479

13 Apr

1,147,981

129,019

105,222

742,825

766,622

56,832

9,692

214,155

214,000

66,679

448,038

-5,808

20 Apr

1,142,714

93,498

105,222

775,650

763,926

56,832

10,161

214,155

214,000

67,148

445,936

-26,802

27 Apr

1,139,372

91,254

105,222

793,958

779,990

56,832

10,642

214,155

214,000

67,629

427,011

-65,636

04 May

1,117,090

96,860

105,222

801,489

793,127

56,575

11,019

214,155

214,000

67,749

391,712

-65,578

11 May

1,124,082

146,815

106,582

763,119

803,352

56,575

11,253

214,155

214,000

67,983

388,713

-61,153

18 May

1,127,017

102,482

106,582

789,715

785,615

56,575

11,535

212,081

214,000

66,191

407,593

-56,410

25 May

1,101,736

90,035

106,582

760,102

743,555

56,490

11,984

212,081

212,000

68,555

426,736

-45,878

01 Jun

1,115,517

94,017

106,582

784,973

772,408

56,371

12,371

212,081

212,000

68,823

411,932

-75,236

08 Jun

1,185,060

87,070

106,582

788,218

768,706

56,326

12,835

212,081

212,000

69,242

485,596

2,414

15 Jun

1,206,289

150,901

106,910

741,191

785,182

56,326

13,176

210,717

212,000

68,219

489,326

19,959

22 Jun

1,240,525

97,022

106,910

775,263

765,375

56,115

13,508

210,718

210,500

69,841

544,991

46,253

29 Jun

1,260,858

116,654

106,910

772,855

782,599

55,943

13,828

210,718

210,500

69,989

548,248

66,124

06 Jul

1,243,549

91,789

106,910

795,203

780,082

55,873

14,041

211,348

210,500

70,762

534,229

56,140

13 Jul

1,248,517

479,749

106,989

386,826

759,586

55,844

14,320

211,348

211,500

70,012

558,943

77,461

20 Jul

1,241,265

489,992

106,989

349,434

732,437

55,216

14,364

211,348

211,500

69,428

578,256

83,721

27 Jul

1,207,579

515,712

106,989

337,025

745,748

55,076

14,416

211,348

211,500

69,340

531,171

23,418

03 Aug

1,209,403

549,658

106,989

300,384

743,053

54,983

14,607

211,348

211,500

69,438

535,788

56,813

10 Aug

1,210,735

551,836

107,123

310,822

755,535

54,983

14,701

211,348

211,500

69,532

524,732

54,998

17 Aug

1,208,269

542,145

107,123

326,920

761,942

54,983

14,837

211,348

211,500

69,668

515,995

47,072

24 Aug

1,208,236

525,497

107,123

329,348

747,722

54,983

15,056

208,830

211,500

67,369

527,883

49,696

31 Aug

1,209,827

541,046

107,123

345,956

779,879

54,914

15,294

208,830

209,000

70,038

499,986

37,009

07 Sep

1,205,288

549,287

107,123

326,805

768,969

54,695

15,398

208,830

209,000

69,923

506,242

39,407

14 Sep

1,197,841

526,420

107,021

335,048

754,447

54,695

15,640

208,831

209,000

70,166

513,560

56,854

21 Sep

1,187,200

550,482

107,021

305,647

749,108

54,695

15,857

208,830

209,000

70,382

508,474

41,856

28 Sep

1,178,184

525,830

107,020

315,754

734,564

54,612

16,205

208,830

209,000

70,647

514,267

60,454

05 Oct

1,162,312

521,337

107,020

296,464

710,781

54,215

16,334

209,459

209,000

71,008

522,539

83,713

12 Oct

1,148,612

527,502

106,433

260,477

681,546

53,955

16,334

209,459

209,500

70,248

537,314

117,788

19 Oct

1,150,496

533,667

106,434

248,711

675,944

53,649

16,365

209,284

209,500

69,798

544,350

104,413

26 Oct

1,135,148

515,268

106,434

266,967

675,801

53,349

16,377

209,284

209,500

69,510

528,857

89,792

02 Nov

1,131,744

515,396

106,434

261,368

670,330

53,349

16,389

208,529

209,500

68,767

530,181

98,950

09 Nov

1,127,854

533,997

106,434

248,510

676,073

53,221

16,414

208,529

208,500

69,664

521,445

101,019

16 Nov

1,124,344

558,511

106,352

215,900

668,059

53,016

16,414

208,529

208,500

69,459

525,744

98,428

23 Nov

1,125,212

506,889

106,352

233,558

634,095

52,311

16,414

208,529

208,500

68,754

559,871

110,026

30 Nov

1,117,398

489,894

106,352

237,813

621,355

52,119

16,414

208,529

208,500

68,562

564,605

140,818

07 Dec

1,112,129

486,908

106,352

235,296

615,852

52,119

16,414

208,529

208,500

68,562

564,839

126,924

14 Dec

1,113,699

504,948

106,008

225,063

624,003

52,069

16,414

208,529

208,500

68,512

558,208

133,313

21 Dec

1,122,338

489,680

106,008

229,384

613,056

52,069

16,414

208,324

208,500

68,307

577,589

106,245

28 Dec

1,128,794

456,102

106,008

261,689

611,783

52,069

16,414

208,324

197,559

79,248

596,259

100,681

Page 1

ECB - Monetary Policy Analysis

Such haste to reduce monetary stimulus to the economy and, above all, to support the financial system to solve the problems of liquidity and perceived risk wholesale
markets, was corrected.
European Central Bank (ECB) Weekly Financial Statement 2013
Banks deposits in the ECB
Euro
Lending to
Millions banks (1)

Current
accounts

Reserve
requirement
s

Deposit
facility

Securities held for monetary policy purposes

Net (2)

Covered Covered
Bond # 1 Bond # 2

SMP

Fixed-term
deposits

Net (3)

Net Effect of Monetary

Policy
(4)= [(3)-(2)+(1)]

Annual
change

04 Jan

1,116,994

462,287

106,008

252,615

608,894

51,759

16,411

208,733

208,500

68,403

576,503

11 Jan

1,113,646

507,684

106,008

222,608

624,284

51,464

16,401

208,733

208,500

68,098

557,460

90,248
93,152

18 Jan

1,163,204

540,018

105,434

196,399

630,983

51,085

16,342

208,733

208,500

67,660

599,881

226,108

25 Jan

1,156,233

479,499

105,434

207,198

581,263

50,162

16,342

208,733

208,500

66,737

641,707

243,373

01 Feb

1,015,482

408,150

105,434

180,957

483,673

49,149

16,337

205,383

208,500

62,369

594,178

227,682

08 Feb

1,017,150

443,102

105,434

157,198

494,866

48,941

16,293

205,383

205,500

65,117

587,401

224,213

15 Feb

1,010,614

466,468

105,618

131,885

492,735

48,845

16,283

205,383

205,500

65,011

582,890

205,564

22 Feb

1,008,537

415,950

105,618

166,437

476,769

48,354

16,263

205,261

205,500

64,378

596,146

179,061

01 Mar

946,086

374,205

105,618

144,710

413,297

48,043

16,253

205,261

205,500

64,057

596,846

209,841

08 Mar

931,808

354,802

105,618

134,083

383,267

47,990

16,253

205,261

205,500

64,004

612,545

222,364

15 Mar

920,791

366,510

104,893

132,634

394,251

47,732

16,178

205,261

205,500

63,671

590,211

160,884

22 Mar

906,244

351,673

104,893

126,755

373,535

47,667

16,163

205,261

205,500

63,591

596,300

148,368

29 Mar

903,619

319,275

104,893

144,648

359,030

47,349

16,163

205,261

205,500

63,273

607,862

170,168

05 Apr

896,763

336,912

104,893

134,902

366,921

47,302

16,161

205,876

205,500

63,839

593,681

137,766

12 Apr

884,212

343,051

104,871

119,906

358,086

47,002

16,143

205,876

206,000

63,021

589,147

141,109

19 Apr

869,916

329,801

104,871

105,590

330,520

46,781

16,119

202,690

206,000

59,590

598,986

153,050

26 Apr

852,233

315,952

104,871

109,662

320,743

46,781

16,119

202,690

202,500

63,090

594,580

167,569

03 May

846,437

296,198

104,871

124,102

315,429

46,364

16,087

200,995

202,500

60,946

591,954

200,242

10 May

850,486

333,697

105,302

95,339

323,734

46,150

16,077

200,995

201,000

62,222

588,974

200,261

17 May

836,609

319,504

105,302

83,039

297,241

46,150

16,077

200,995

201,000

62,222

601,590

193,997

24 May

835,423

294,646

105,302

81,037

270,381

46,150

16,077

196,927

201,000

58,154

623,196

196,460

31 May

824,113

273,354

105,302

85,640

253,692

46,000

16,077

196,927

197,000

62,004

632,425

220,493

07 Jun

821,899

280,024

105,302

100,881

275,603

45,618

16,077

194,942

197,000

59,637

605,933

120,337

14 Jun

821,785

309,815

105,066

89,957

294,706

45,440

16,067

194,942

195,000

61,449

588,528

99,202

21 Jun

815,645

279,536

105,066

82,964

257,434

45,440

16,067

194,942

195,000

61,449

619,660

74,669

28 Jun

822,689

276,329

105,066

92,180

263,443

45,259

16,067

194,942

195,000

61,268

620,514

72,266

05 Jul

811,424

271,264

105,066

103,862

270,060

44,979

15,990

195,463

195,000

61,432

602,796

68,567

12 Jul

803,340

275,347

104,473

94,619

265,493

44,730

15,922

195,463

195,500

60,615

598,462

39,519

19 Jul

804,371

264,662

104,473

76,431

236,620

44,337

15,909

195,463

195,500

60,209

627,960

49,704

26 Jul

800,574

255,821

104,473

79,242

230,590

44,082

15,839

195,463

195,500

59,884

629,868

98,697

02 Aug

804,917

272,329

104,473

87,348

255,204

44,082

15,839

192,578

195,500

56,999

606,712

70,924

09 Aug

793,408

265,621

104,000

85,430

247,051

44,082

15,839

192,578

192,500

59,999

606,356

81,624

Estimate data
Although monetary stimulus continues to expand year over year, the pace of expansion has been greatly reduced.
Possibly, if he continues the improvement in the liquidity situation of wholesale markets and reducing risk rates for the beginning of 2014 enter into a stage of
neutrality, there are still no definite time for its reduction.

Page 2