The Use of the Eurosystem's Monetary Policy Instruments and its Monetary Policy Implementation Framework between the First Quarter of 2018 and the Fourth Quarter of 2019

73 Pages Posted: 30 Jun 2020

See all articles by Julie Sylvestre

Julie Sylvestre

European Central Bank (ECB)

Cristina Coutinho

European Central Bank (ECB)

Date Written: June, 2020

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 2018 to the last quarter of 2019. 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 on the Eurosystem's balance sheet, excess liquidity and money market liquidity conditions.

JEL Classification: D02, E43, E58, E65, G01

Suggested Citation

Sylvestre, Julie and Coutinho, Cristina, The Use of the Eurosystem's Monetary Policy Instruments and its Monetary Policy Implementation Framework between the First Quarter of 2018 and the Fourth Quarter of 2019 (June, 2020). ECB Occasional Paper No. 2020245, Available at SSRN: https://ssrn.com/abstract=3639041

Julie Sylvestre (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Cristina Coutinho

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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