Monetary policy instruments

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Monetary policy framework

Below is an overview of the most important documents and publications on the precise structure of the Eurosystems's monetary policy framework and the changes to the monetary policy instruments that came into effect in 2004 Q1.

Overview of the changes

Guideline ECB/2010/13 amending Annexes I and II to Guideline ECB/2000/7 on monetary policy instruments and procedures
The implementation of monetary policy in the euro area Date: February 2011
The monetary policy of the ECB Date: February 2004
Initial experience with the new monetary policy framework and the Bundesbank's contribution to liquidity management by the Eurosystem, July 2004, Bundesbank Monthly Report Article Date: July 2004
Changes to the Eurosystem's operational framework for monetary policy, ECB Monthly Bulletin Date: 7 August 2003
Implementation issues related to the changes to the Eurosystem's operational framework for monetary policy, and the indicative reserve maintanance periods calendar for 2004, ECB Press Release Date: 1 August 2003
The Eurosystem's monetary policy framework - experience to date and measures to improve its efficency, Bundesbank Monthly Report Article Date: 17 March 2003
Measures to improve the efficency of the operational framework for monetary policy, ECB Press Release Date: 23 January 2003
Public consultation procedure - Summary of the comments received on the measures proposed to improve the operational framework for monetary policy Date: 23 January 2003
Public consultation procedure - Measures to improve the efficency of the operational framework for monetary policy, ECB Press Release Date: 7 October 2002

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