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 Amaladasse, Beatrice Deanaz, Geneviève Hallinger, Benoit Hilebrand, William Kamps, Annette Kedan, Danielle Kilp, Judith Koch, Evi König, Louisa Pauli, Rolf Reijnders, Dion Resinek, Marc Treinies, Martin Vergote, Olivier
Year of Publication:
ECB Occasional Paper 188
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.
Monetary policy implementation Central bank operational framework Central bank liquidity management Non-standard monetary policy measures