Vítor Constâncio: Divergent monetary policies and the world economy Keynote address by Mr Vítor Constâncio, Vice-President of the European Central Bank, at the conference on “Diverging Monetary Policies, Global Capital Flows and Financial Stability”, jointly organised by the Federal Reserve Bank of New York/European Central Bank/Federal Reserve Bank of Dallas/Hong Kong Monetary Authority, hosted by the Hong Kong Monetary Authority, Hong Kong, 15 October 2015.
With this measure, the Bank is using its own balance sheet in an attempt to resolve issues faced by enterprises at the micro-level. This has a cost to us. The Bank cannot keep this line of credit open indefinitely. Judging from some press reports, it would seem that some banks are able to meet the demand at comparable terms on their own.