1. Examples of central bank balance sheets (Lecture U. Bindseil, Berlin, 29 April 2011)

2. 2 Reichsbank 1900

3. 3 Reichsbank 1922

4. 4 Latvia 2000

5. 5 Ghana 2000

6. 6 BoE

7. 7 Main operational measures - Fed

8. 8 Main operational measures - ECB

9. 9 Eurosystem monetary policy operations across time

10. 10 Excess Liquidity: comparative perspective Excess LiquidityExcess Liquidity as % of banknotes ECB March 201140 bn EUR< 5% ECB Nov/Dec 2008210 bn EUR 29% Fed March 20111400 bn USD 160% BoE March 2011140 bn GBP270%