Bericht
The use of the Eurosystem's monetary policy instruments and its monetary policy implementation framework in 2020 and 2021
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.
- ISBN
-
978-92-899-5245-3
- Language
-
Englisch
- Bibliographic citation
-
Series: ECB Occasional Paper ; No. 304
- Classification
-
Wirtschaft
Institutions: Design, Formation, Operations, and Impact
Interest Rates: Determination, Term Structure, and Effects
Central Banks and Their Policies
Studies of Particular Policy Episodes
Financial Crises
- Subject
-
monetary policy implementation
central bank counterparty framework,central bank collateral framework
central bank liquidity management
non-standardmonetary policy measures
- Event
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Geistige Schöpfung
- (who)
-
Corsi, Marco
Mudde, Yvo
- Event
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Veröffentlichung
- (who)
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European Central Bank (ECB)
- (where)
-
Frankfurt a. M.
- (when)
-
2022
- DOI
-
doi:10.2866/601341
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Bericht
Associated
- Corsi, Marco
- Mudde, Yvo
- European Central Bank (ECB)
Time of origin
- 2022
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