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Main refinancing operations, basic tenders and fine-tuning operations

Main refinancing operations

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.

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Longer-term refinancing operations

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.

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Fine-tuning operations

The Eurosystem may conduct fine-tuning operations in order to smooth unexpected liquidity fluctuations rapidly.

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Additional information

Eurosystem monetary policy operations allotted through tenders

Eurozeichen vor der EZB

List of current and historical tender transactions of the Eurosystem.

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