This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the third quarter of 2012 until the first quarter of 2016. The paper reviews the context of Eurosystem market operations, counterparty and collateral framework, participation in tender operations, recourse to standing facilities, patterns of reserve fulfilment, outright asset purchase programmes, as well as the impact of the ECB’s monetary policy implementation on the Eurosystem's balance sheet and liquidity conditions.
The use of the Eurosystem’s monetary policy instruments and operational framework since 2012 / Alvarez, Inmaculada; Casavecchia, Fabio; De Luca, Marino; Duering, Alexander; Eser, Fabian; Helmus, Caspar; Hemous, Christophe; Herrala, Niko; Jakovicka, Julija; Lo Russo, Michelina; Pasqualone, Filippo; Rubens, Marc; Soares, Rita; Zennaro, Fabrizio. - QB-AQ-17-008-EN-N:(2017), pp. 20-24. [10.2866/112727]
The use of the Eurosystem’s monetary policy instruments and operational framework since 2012
Fabrizio ZennaroCo-primo
Membro del Collaboration Group
2017
Abstract
This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the third quarter of 2012 until the first quarter of 2016. The paper reviews the context of Eurosystem market operations, counterparty and collateral framework, participation in tender operations, recourse to standing facilities, patterns of reserve fulfilment, outright asset purchase programmes, as well as the impact of the ECB’s monetary policy implementation on the Eurosystem's balance sheet and liquidity conditions.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
