Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/192957 
Authorgroup: 
Task Force on the use of monetary policy instruments
Year of Publication: 
2018
Series/Report no.: 
ECB Occasional Paper No. 209
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 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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