In case of a longer-term TARGET incident, the Deutsche Bundesbank may grant loans as part of the emergency settlement (Enhanced Contingency Solution/ ECONS) covered by sufficient collateral. 

To collateralise all credit operations, the Eurosystem requires counterparties to provide adequate eligible assets in accordance with Article 18.1 of the Statute of the European System of Central Banks (ESCB). Assets need to fulfil a number of criteria to be accepted as eligible collateral by the Eurosystem. 

Operating and support hours of the Collateralmanagement Access Portal (CAP)

In early 2000, the International Monetary Fund (IMF) initiated the Financial Soundness Indicators (FSI) project in response to the financial market crises of the late 1990s.

The publication of the following indicators is prescribed in the SDDS Plus data category "Central Bank survey".

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’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.

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).