The Use of the Eurosystem's Monetary Policy Instruments and Its Monetary Policy Implementation Framework Q2 2016 - Q4 2017

Download or read book The Use of the Eurosystem's Monetary Policy Instruments and Its Monetary Policy Implementation Framework Q2 2016 - Q4 2017 written by and published by . This book was released on 2018 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the second quarter of 2016 to the last quarter of 2017. 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 implementation on the Eurosystem's balance sheet, excess liquidity and money market liquidity conditions.