The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework since 2009

54 Pages Posted: 29 Aug 2012

See all articles by Fabian Eser

Fabian Eser

European Central Bank (ECB)

Marta Carmona Amaro

Banco de España

Stefano Iacobelli

Bank of Italy

Marc Rubens

National Bank of Belgium

Date Written: June 29, 2012

Abstract

This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and non-standard monetary policy measures taken over this period. The paper reviews the evolution of the Eurosystem balance sheet, participation in tender operations, the outright purchase programmes, patterns of reserve fulfilment, recourse to standing facilities as well as the steering of money market interest rates.

Keywords: Monetary policy implementation, central bank operational framework, central bank liquidity management, non-standard monetary policy measures

JEL Classification: D02, E43, E58, E65

Suggested Citation

Eser, Fabian and Carmona Amaro, Marta and Iacobelli, Stefano and Rubens, Marc, The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework since 2009 (June 29, 2012). ECB Occasional Paper No. 135. Available at SSRN: https://ssrn.com/abstract=2096275

Fabian Eser

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Marta Carmona Amaro (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Stefano Iacobelli

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Marc Rubens

National Bank of Belgium ( email )

Brussels, B-1000
Belgium

Register to save articles to
your library

Register

Paper statistics

Downloads
129
Abstract Views
1,085
rank
222,399
PlumX Metrics