(Slide 10) Banks in such countries tend to be recipients of cross-border payment flows and therefore need less central bank liquidity than banks in countries facing financial stress.
The surplus of central bank liquidity in banks in financially stronger countries has raised concerns that such liquidity could fuel asset price bubbles in parts of the euro area,  4  BIS central bankers’ speeches  potentially posing a threat to price stability. These concerns are not warranted at the current juncture.