The ECB's operational framework review: why? how?

La revue du cadre opérationnel de la BCE: pourquoi ? comment ?

Pauline Lez

Eco Notepad (in progress) from Banque de France

Abstract: On 18 September 2024, the Eurosystem will reduce the spread between its refinancing rate and that of its deposit facility. In March, against the backdrop of a normalisation of its balance sheet, the ECB announced this change to its monetary policy operational framework, confirming that it would steer monetary policy by adjusting the deposit facility rate.

Le 18 septembre 2024, l’Eurosystème resserrera l’écart entre son taux de refinancement et celui de sa facilité de dépôt. Dans un contexte de normalisation de la taille de son bilan, la BCE avait annoncé en mars cette modification de son cadre opérationnel de politique monétaire, entérinant le pilotage de l’orientation de la politique monétaire via le taux de la facilité de dépôt.

Date: 2024-09-16
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