Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/268048 
Herausgeber:innen: 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
ECB Occasional Paper No. 304
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
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.
Schlagwörter: 
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 der Erstveröffentlichung: 
ISBN: 
978-92-899-5245-3
Dokumentart: 
Research Report

Datei(en):
Datei
Größe
1.35 MB





Publikationen in EconStor sind urheberrechtlich geschützt.