Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154588
Authors: 
Eser, Fabian
Carmona Amaro, Marta
Iacobelli, Stefano
Rubens, Marc
Year of Publication: 
2012
Series/Report no.: 
ECB Occasional Paper 135
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.
Subjects: 
central bank liquidity managem.
central bank operational framework
monetary policy implementation
JEL: 
E31
E41
E58
E62
Document Type: 
Research Report

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