European Central Bank, (2017), “The use of the Eurosystem’s monetary policy instruments and operational framework since 2012”, ECB, Μάιος 2017
The purpose of the Eurosystem operational framework and its monetary policy instruments is to implement the monetary policy decisions of the Governing Council of the European Central Bank (ECB). The task of monetary policy implementation is decentralised and therefore involves, in addition to the ECB, the national central banks (NCBs) of those countries that have adopted the euro. Together the ECB and the NCBs form the Eurosystem. While traditionally the main objective of the Eurosystem’s monetary policy implementation is to control short-term interest rates, outright purchases of debt instruments have become increasingly important during the financial crisis and in its aftermath. As the size and composition of the central bank balance sheet has become a tool for monetary policy, and as the focus of monetary policy implementation has come to extend beyond the unsecured overnight money market segment to include secured money markets and the longer end of the yield curve up to 30 years, monetary policy implementation has spanned a wider array of instruments and markets.
- Blinder, Alan, Ehrmann, Michael, de Haan, Jakob, Jansen, David-Jan, (2017), ” Necessity as the mother of invention: monetary policy after the crisis”, ECB Working Paper Series No 2047, Απρίλιος
- Cantore, Cristiano, Melina, Giovanni, Pearlman, Joseph G, Levine, Paul L, (2017), “Optimal Fiscal and Monetary Policy, Debt Crisis and Management”, IMF Working Paper 17/78, 30 Μαρτίου 2017