European Central Bank Executive Board member Gertrude Tumpel-Gugerell said the ECB's lending to banks has declined, letting it exit some emergency measures
(Bloomberg) -- European Central Bank Executive Board member Gertrude Tumpel-Gugerell said the ECB's lending to banks has declined, allowing it to exit some of its emergency measures.
"The size of refinancing operations has decreased considerably," Tumpel-Gugerell said in a speech in London Nov. 23 at the Bloomberg Businessweek European Leadership Forum. "The phasing-out of non-standard measures continued in the third quarter of 2010 and is still continuing in the fourth quarter."
The ECB wants to wean commercial banks off its unlimited liquidity provision, which was the plank of the central bank's fight against the recession. The exit has been complicated by the Greek and Irish bailouts and concerns about the fiscal health of countries like Portugal and Spain.