[3] Although the global impact of ECB is not the main focus of today’s speech, the monetary expansion by a major central bank is typically simulative for the rest of the world. [4] Recent academic research has also explored the interconnections between international portfolio allocations and optimal monetary policy. It is beyond the scope of this speech to review this literature.
This describes all of the steps involved and the relevant timelines for financial market participants. [6] For example: By now you should have identified and assessed all existing LIBOR exposures and be following a detailed plan to manage your transition before the end of 2021. Financial institutions should already be offering non-LIBOR linked loans to their customers.