I remain solely  responsible for the opinions contained herein. 2  Cœuré, B. (2017), “Bond scarcity and the ECB’s asset purchase programme”, Speech at the Club de Gestion Financière d’Associés en Finance, Paris, 3 April 2017. 3  See also ECB (2014), “Euro area risk-free interest rates: measurement issues, recent developments and relevance to monetary policy”, Monthly Bulletin, July 2014.
The surge in liquidity demand itself took place not only in the U.S. but also in other countries and major central banks including the Bank provided a huge amount of liquidity in order to secure stability in the financial markets.