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The rise in refinancing in the UK from a euro area perspective
[La hausse du refinancement au Royaume-Uni vue de la zone euro]

Author

Listed:
  • Adrian Penalver
  • Carlos Mateo Caicedo Graciano
  • Quentin Plasson

Abstract

Les progrès récents de l'inclusion financière en Afrique subsaharienne, et Uptake of the Bank of England's Short-Term Repo (STR) facility has increased significantly, reflecting rising market interest rates in a context of quantitative tightening. In the euro area, a similar trend has not yet materialized, due to the price of central bank funding relative to market alternatives. However, the UK experience offers valuable insights for the Eurosystem. Les tirages aux opérations de refinancement à court terme (Short Term Repo, STR) de la Bank of England se sont fortement accrus en lien avec l'augmentation des taux de marché dans un contexte de resserrement quantitatif. En zone euro, il n'y a pas de phénomène similaire à ce stade, en raison du prix relatif du financement via la banque centrale par rapport aux alternatives de marché. Mais l'expérience britannique offre un éclairage utile pour l'Eurosystème.

Suggested Citation

  • Adrian Penalver & Carlos Mateo Caicedo Graciano & Quentin Plasson, . "The rise in refinancing in the UK from a euro area perspective [La hausse du refinancement au Royaume-Uni vue de la zone euro]," Eco Notepad (in progress), Banque de France.
    • Handle: RePEc:bfr:econot:395
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