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Complete chronology of monetary policy decisions from 2015 onwards
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Financial vehicle corporations
Since December 2009, the statistics on financial vehicle corporations (FVCs) have included a quarterly survey, carried out at the end of the quarter, of the assets and liabilities of all FVCs in Germany.
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Review of the operational framework for implementing monetary policy
On 13 March 2024, the ECB Governing Council decided on changes to the operational framework for implementing monetary policy. These changes will affect how central bank liquidity will be provided as excess liquidity in the banking system, while remaining significant over the coming years, gradually declines.
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Non-standard monetary policy measures from 2020
The Eurosystem’s monetary policy from 2020 was shaped by the global outbreak of the COVID-19 pandemic and the surge in inflation from 2021. This ultimately led to a series of Eurosystem policy rate hikes totalling 450 basis points (from July 2022 to September 2023).
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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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The Origin of Money – Part III: Central Bank Money
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Non-standard monetary policy measures during the sovereign debt crisis starting in 2010
The European sovereign debt crisis was characterised by the fact that some euro area countries, owing to their high levels of debt – caused in part by efforts to counter the consequences of the global financial crisis – experienced difficulties refinancing their debt and, in some cases, lost access to capital market funding. In order to protect monetary policy transmission and safeguard sufficient liquidity provision for the financial system, the ECB Governing Council adopted various non-standard measures during the course of the crisis that went beyond the scope of the usual operational framework at that time.
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The operational framework for implementing monetary policy during the period of markedly low inflation starting in 2014
The Eurosystem’s monetary policy measures in the years following the European sovereign debt crisis were shaped, in particular, by a prolonged period in which inflation rates were well below the Eurosystem’s target. Against this backdrop, the ECB Governing Council decided, starting in 2014, to conduct various targeted longer-term refinancing operations (TLTROs) and launch temporary monetary policy purchase programmes in addition to the existing operational framework.