Latest articles and blogs
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Interest rate steering as liquidity declines
The implementation of Eurosystem monetary policy is undergoing a transition as the volume of central bank reserves – or liquidity – declines. In the future, monetary policy implementation and interest rate steering will rely on both a well-functioning money market and banks’ demand for Eurosystem refinancing operations.
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Old wisdom and new trends in monetary policy implementation
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How will the European Central Bank control interest rates in the future?
Last December, the ECB announced that it will review how it is to control interest rates in the future. The outcome of the review will also impact the size and composition of the Eurosystem’s balance sheet in the future.
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Information key on tumultuous markets
Financial markets provide clues on the state of the economy and financing conditions. Crises emphasise the importance of market surveillance, as emerging problems in the economy and financial system are often first seen in markets.