1  I am very grateful to Samuel López, Philippe Molitor, Romana Peronaci, Valia Rentzou, Ralph Weidenfeller and Alessandro Calza for their valuable inputs and contributions, and to Ulrich Bindseil and Fatima Pires for their useful comments. BIS Review 43/2008  1  2.
Liquidity issues  The multi-faceted nature of liquidity Before moving on, it may be worth agreeing on a working definition of the term “liquidity”. Indeed, this term is often used to indicate many different things. This is a problem that has been pointed out by several contributors to a recent volume of Banque de France’s Financial Stability Review on liquidity issues.