Haku

Since its inception the Eurosystem has implemented its monetary policy through credit operations conducted as tenders. In these operations, the Eurosystem grants credit against collateral to euro area banks in order to ...

The coronavirus pandemic has brought monetary policy operations back into the spotlight, as central banks around the world have taken up new monetary policy measures. We too at the Eurosystem have swiftly launched new ...

In recent years, the ECB has supported bank lending in the euro area by offering long-term financing to banks. The aim of the longer-term refinancing operations (LTROs), the most recent one in particular, was to encourage ...

Negative interest rates have been an integral part of the ECB's overall monetary accommodation for just over five years now. The ECB lowering its deposit facility below zero has especially reduced the cost of market-based ...

In order for banks to obtain credit from the central bank and payments to be transmitted smoothly, adequate collateral is required. Collateral protects the central bank against the credit risk associated with the counterparty. ...

As a part of the broad monetary policy stimulus package introduced at its September meeting, the Governing Council of the ECB decided to introduce a two-tier system for reserve remuneration. The goal of the system is to ...

There are considerable differences between countries of the euro area in the prevalence of variable rate bank loans. According to recent research by the authors, the extent to which bank loans are variable rate loans ...