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National additional money created by euro area national central banks, 2005-15

1 ANFA assets: Items 1-4, 5.6, 6, 7 (until 2007), 7.2 (from 2008), 8 and 9 of the consolidated balance sheet of the Eurosystem. 2 ANFA net financial assets: Items 1-4, 5.6, 6, 7 (until 2007), 7.2 (from 2008), 8 and 9 (ANFA assets) minus items 2.5 and 3-12 (ANFA liabilities) of the consolidated balance sheet of the Eurosystem. 3 ELA credits: ANFA assets, Item 6.

 

This figure from the article ANFA – National Money Creation as an Existential Threat to the Currency Union? by Arne Hansen and Dirk Meyer shows the national additional money created by euro area national central banks from 2005-2015. The authors examine whether the ECB is properly monitoring ANFA purchases and whether money creation via ANFA could serve as an explosive device for the currency union.