Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/192957
Authors: 
Bock, Alexander
Cajnko, Miha
Daskalova, Svetla
Durka, Iwona
Gallagher, Brian
Grandia, Roel
Haberbush, Glenn
Kamps, Annette
Luskin, Alaoíshe
Lo Russo, Michelina
Castillo Lozoya, Ma Carmen
Pasqualone, Filippo
Thomas, Michael
Vasconcelos, Isabel
Year of Publication: 
2018
Series/Report no.: 
ECB Occasional Paper 209
Abstract: 
This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the second quarter of 2016 to the last quarter of 2017. It reviews the context of Eurosystem market operations; the design and operation of the Eurosystem's counterparty and collateral frameworks; the fulfilment of minimum reserve requirements; participation in credit operations and recourse to standing facilities; and the conduct of outright asset purchase programmes. The paper also discusses the impact of monetary policy implementation on the Eurosystem's balance sheet, excess liquidity and money market liquidity conditions.
Subjects: 
monetary policy implementation
central bank counterparty framework
central bank collateral framework
central bank liquidity management
non-standard monetary policy measures
JEL: 
D02
E43
E58
E65
G01
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3368-1
Document Type: 
Research Report
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