On the contrary, fiscal policy is automatically draining away a large part of any excess liquidity through its shift toward budget surpluses.

"You may say in hindsight that there was excess liquidity provided, but that is a necessary price you have to pay," he said.

In early January, experts say, the rise in stock prices was fueled by excess liquidity.

There will be excess liquidity in the economy.

It states flatly, "excess liquidity did not need to cause a crisis."

Such sales can be expected to sop up considerable excess liquidity.

The excess liquidity is sloshing around world capital markets.

Overall, however, the excess liquidity was not seen to indicate risks to price stability in an environment of subdued economic activity and moderate credit growth.

In which case it will be able to re-discount the bill to similar institutions who have excess liquidity.

He emphasized that Hutton has significant excess liquidity and is routinely meeting all of its obligations.