Posted

October 01, 2012 08:14:35 PM

Date

2012-08

Author

Fabian Eser, Marta, Stefano Iacobelli, and Marc Rubens

Affiliation

European Central Bank, Banco de España, Banca d’Italia, and National Bank of Belgium

Title

The use of the Eurosystem's monetary policy instruments and operational framework since 2009

Summary /
Abstract

This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and non-standard monetary policy measures taken over this period. The paper reviews the evolution of the Eurosystem balance sheet, participation in tender operations, the outright purchase programmes, patterns of reserve fulfilment, recourse to standing facilities as well as the steering of money market interest rates.

Keywords

Monetary policy implementation, central bank operational framework, central bank liquidity management, non-standard monetary policy measures

URL

http://d.repec.org/n?u=RePEc:ecb:ecbops:20120135&r=mon

See

More articles ...