The main refinancing operations, with a weekly frequency and a maturity of one week, are the most important monetary policy instrument used by the Eurosystem for money market management.
The Eurosystem conducts monthly longer-term refinancing basic tender operations with a three-month maturity in order to steady the supply of liquidity and to assist banks which are active in the money market in the security of their operations.
The Eurosystem may conduct fine-tuning operations in order to smooth unexpected liquidity fluctuations rapidly.
List of current and historical tender transactions of the Eurosystem.
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