Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/268048 
Year of Publication: 
2022
Series/Report no.: 
ECB Occasional Paper No. 304
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs) that are either part of the standard toolbox or are developed to deal with major economic and financial events with a potential adverse impact on price stability and/or the transmission of monetary policy. In the review period covered by this report (2020-2021), monetary policy action was dominated by the Eurosystem's response to the negative economic effects of the outbreak of the COVID-19 pandemic. Through its action, the Eurosystem continued to expand its balance sheet, in particular by scaling up its outright asset purchases and easing the conditions of its targeted longer-term refinancing operations (TLTROs), complemented by temporary changes in the collateral framework. The accommodative monetary policy stance was preserved by maintaining the key ECB interest rates at record-low levels, reinforced by the ECB's forward guidance on policy rates. This report provides a full overview of the Eurosystem's monetary policy implementation over the years 2020 and 2021.
Subjects: 
monetary policy implementation
central bank counterparty framework,central bank collateral framework
central bank liquidity management
non-standardmonetary policy measures
JEL: 
D02
E43
E58
E65
G01
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-5245-3
Document Type: 
Research Report

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