Central concerns

The European Central Bank (ECB) has been pumping liquidity into the financial markets since August 2007, extended the list of assets eligible as collateral for credit operations and cut rates to record low levels. Jose Manuel Gonzalez-Paramo, a member of the ECB's executive board, talks to Risk about the role of the central bank and the need for greater oversight and transparency in the derivatives market. By Nick Sawyer


Central banks have found they have had to tear up the rule book during the financial crisis, in order to respond to fast-moving events in a more spontaneous and imaginative way. Much of the focus has been on the US Federal Reserve and its role in brokering the takeover of Bear Stearns by JP Morgan in March 2008, the decision to allow the failure of Lehman Brothers and the subsequent bailout of American International Group.

The European Central Bank (ECB) has not had to deal with shockwaves

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