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

Fabian Eser, Marta Carmona Amaro, Stefano Iacobelli and Marc Rubens

No 135, Occasional Paper Series from European Central Bank

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. JEL Classification: D02, E43, E58, E65

Keywords: central bank liquidity management; central bank operational framework; monetary policy implementation; non-standard monetary policy measures (search for similar items in EconPapers)
Date: 2012-08
Note: 1510422
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (25)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbops:2012135

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