Yves Mersch: The role of euro banknotes as legal tender Speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the 4th Bargeldsymposium of the Deutsche Bundesbank, Frankfurt am Main, 14 February 2018. * * * First of all, I would like to thank the Deutsche Bundesbank organisers for inviting me to speak at this symposium.
Liquidity risk There had been an insufficient recognition on the part of supervisors and banks of the close link between market liquidity (ability to rapidly sell assets without impacting prices) and an individual bank’s funding liquidity (ability to raise funds from the market).