Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/306582 
Year of Publication: 
2024
Series/Report no.: 
ECB Occasional Paper No. 355
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs). The period covered by this report (2022-23) was dominated by high inflation, which led to a change from an easing to a tightening monetary policy environment in line with the mandate of the European Central Bank (ECB) to pursue price stability. This report focuses on the accompanying shift in the use of MPIs. Key ECB interest rates were hiked to an unprecedented extent and at exceptional speed, leading to an exit from negative interest rates. This was accompanied by a gradual phasing-out of reinvestments under the asset purchase programmes, revisions to the conditions of targeted longer-term refinancing operations (TLTROs) and their subsequent substantial early repayments, and a phasing-out of pandemic collateral easing measures. This report discusses these developments and provides a full overview of the Eurosystem's monetary policy implementation from 2022-23.
Subjects: 
monetary policy implementation
refinancing operations
asset purchase programmes
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: 
978-92-899-6423-4
Document Type: 
Research Report

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