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Monetary policy

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Monetary policy

Stable money is a precious public good. It protects savers and income earners from the erosion of wealth while promoting growth and employment. The primary objective of monetary policy in the euro area is therefore to ensure price stability. The President of the Bundesbank is involved in making monetary policy decisions as a member of the Governing Council of the European Central Bank. The Bundesbank is charged with implementing these decisions in Germany.


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Economics publications

Discussion Papers, Monthly Reports, Annual Reports, and many other publications can be found in the list of all publications.


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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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Indicative calendar

The main and longer-term refinancing operations are conducted in accordance with an indicative calendar published by the Eurosystem.


Additional information



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If you have any further questions regarding monetary policy instruments, please do not hesitate to contact us!