IMF-欧元区：发布金融部门评估计划文件系统流动性技术说明（英）

© 2025 International Monetary Fund IMF Country Report No. 25/209 EURO AREA PUBLICATION OF FINANCIAL SECTOR ASSESSMENT PROGRAM DOCUMENTATION—TECHNICAL NOTE ON SYSTEMIC LIQUIDITY This paper on Systemic Liquidity was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on July 3, 2025. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org International Monetary Fund Washington, D.C. July 2025 EURO AREA FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE SYSTEMIC LIQUIDITY Prepared By Monetary and Capital Markets Department This Technical Note was prepared by IMF staff in the context of the Financial Sector Assessment Program in the euro area. It contains technical analysis and detailed information underpinning the FSAP’s findings and recommendations. Further information on the FSAP can be found at http://www.imf.org/external/np/fsap/fssa.aspx July 3, 2025 EURO AREA 2 INTERNATIONAL MONETARY FUND CONTENTS Glossary __________________________________________________________________________________________ 3 EXECUTIVE SUMMARY __________________________________________________________________________ 4 INTRODUCTION _________________________________________________________________________________ 8 ECB BALANCE SHEET NORMALIZATION AND THE OPERATIONAL FRAMEWORK ___________ 9 THE FUNCTIONING OF CORE FUNDING MARKETS ___________________________________________ 12 A. Money Markets _______________________________________________________________________________ 12 B. Securities Markets_____________________________________________________________________________ 15 EMERGENCY LIQUIDITY ASSISTANCE _________________________________________________________ 16 COLLATERAL ____________________________________________________________________________________ 21 LIQUIDITY MONITORING ______________________________________________________________________ 24 SYSTEM-WIDE MEASURES _____________________________________________________________________ 26 A. Domestic Programs ___________________________________________________________________________ 26 B. Other Support Programs ______________________________________________________________________ 28 BOX 1. IMF Estimate of the Demand for Reserves ____________________________________________________ 10 FIGURES 1. Eurosystem Balance Sheet _____________________________________________________________________ 9 2. Money Market Metrics ________________________________________________________________________ 15 3. Securities Market Metrics _____________________________________________________________________ 16 4. Developments in Mobilized Collateral ________________________________________________________ 22 5. Liquidity Coverage Rat