Laurence H Meyer: The securities activities of banks Testimony of Mr Laurence H Meyer, Member of the Board of Governors of the US Federal Reserve System, before the Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services, US House of Representatives, 2 August 2001.
Arguably, the operational decisions taken by the ECB during the crisis (such as the shift to fixed-rate full-allotment liquidity auctions, the extension of operation maturities well beyond the money market maturities, and the widening of the set collateral eligible to monetary policy operations) have been every bit as important as its decisions on the level of the short term interest rates.