Conclusion All this means, and with this I would like to conclude, that large aggregate excess liquidity levels are no insurance that central banks will always find it easy to steer short-term interest rates.
Liquidity supply may have become less elastic in both the euro area and the United States, for different reasons though: in the United States because of concentration among banks, in the euro area because of fragmentation across countries, and in both cases because of the growing role of intermediaries without access to central bank balance sheets.