Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/175730 
Year of Publication: 
2017
Series/Report no.: 
ECB Occasional Paper No. 188
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
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.
Subjects: 
Monetary policy implementation
Central bank operational framework
Central bank liquidity management
Non-standard monetary policy measures
JEL: 
D02
E43
E58
E65
G01
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-2850-2
Document Type: 
Research Report

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