SPEECH  A tale of two money markets: fragmentation or concentration Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB workshop on money markets, monetary policy implementation and central bank balance sheets Frankfurt am Main, 12 November 2019 Since the outbreak of the global financial crisis, central banks have injected a huge amount of liquidity into the financial system.
And it matters, not because of the specific banks, funds or investment firms that are in it, but because a stable and resilient financial system is one that can meet the needs of people whether they are families that want to borrow money to buy a house or a car, or businesses that want to invest to expand or hire new staff or people who just want some peace of mind that their savings are safe.