Changes to the Eurosystem collateral framework to foster greater harmonisation

Diana Gomes, Stephan Sauer, Ioana Alexopoulou, Calogero Brancatelli and Daniel Gybas

Economic Bulletin Boxes, 2025, vol. 1

Abstract: The collateral framework for Eurosystem credit operations contributes to an effective, robust, flexible and efficient implementation of the ECB’s monetary policy. The framework has evolved over time, primarily in response to economic and financial market developments, supporting bank lending and the provision of liquidity. Recent Governing Council decisions will increase the harmonisation of the framework, while simultaneously preserving a broad collateral basis. JEL Classification: E58, E65, G01

Keywords: collateral; credit operations; Monetary policy implementation; temporary crisis measures; TLTRO (search for similar items in EconPapers)
Date: 2025-02
Note: 362683
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