This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB.
1 We wish to thank the ECB's Front Office Division for providing secondary market data and Jean-Louis Schirmann for helpful discussions on the microstructure of the euro area money JEL Classification Numbers: G21, G12, D44, E43, E50.
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