’ demand for reserves. We find that by implementing a floor system, the Eurosystem has eliminated the opportunity costs of …

collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning … forces and discipline. The paper also emphasizes the important role of ratings and government guarantees in the Eurosystem …

framework of the European Central Bank (ECB)’s monetary policy from the scarce reserves system (SRS) to the abundant reserves … system (ARS). To eliminate excess liquidity and return to the SRS, the ECB must intensify quantitative tightening, which is … Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023. …

This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the … operational framework from the third quarter of 2012 until the first quarter of 2016. The paper reviews the context of Eurosystem …, patterns of reserve fulfilment, outright asset purchase programmes, as well as the impact of the ECB's monetary policy …

The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs). The period covered … 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 …

crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the … Financial Supervision (ESFS) and the then of the Banking Union (BU), in some pillars of which the role of the ECB is significant … Union (including the new (2021) monetary policy strategy of the Eurosystem and its implementation amidst the ‘inflation …

Eurosystem's operational framework, which has been in place since September 2008. Main ingredients of the model are frictions in … borrowing and the interbank rate, the increased borrowing from the Eurosystem and the strong recourse to its deposit facility …

in 2008–09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the … macroeconomic impact of the shock. According to our counterfactual simulations based on the structural model, in the absence of ECB …