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.

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.

Fine-tuning operations

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