Excess reserves affect the way we implement monetary policy, says Executive Board member @Isabel_Schnabel. In the steady state, our balance sheet should only be as large as is necessary to ensure sufficient liquidity and steer short-term interest rates

https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230327_1~fe4adb3e9b.en.html

🐦🔗: https://n.respublicae.eu/ecb/status/1640368392669478914