Some observers have characterized the new information and communications technologies as generalpurpose technologies (GPTs), which means that - like earlier GPTs such as electrification and the internal combustion engine - they have the potential to revolutionize production and consumption processes in a wide variety of contexts (Bresnahan and Trajtenberg, 1995).
The total value of marketable securities eligible for Eurosystem credit operations is about € 14,000 billion (as of 31 December 2010; source: ECB Annual Report). Therefore, there is no liquidity or collateral shortage for the European banking system. The ECB resumed government bond market interventions within its Securities Markets Programme (SMP) in August.