The Eurosystem Resolution Liquidity (ERL) tool Last but not least, the ECB is considering now a new policy tool, the Eurosystem Resolution Liquidity (ERL) tool that would allow it to inject cash into banks under resolution, in other words, when are being rescued from the threat of insolvency.
The ERL should be seen as a monetary policy tool, ensuring the banking system can transmit official interest rates to the real economy.