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Latest data shows developing trends in the European Central Bank’s refinancing operations

Konstantinos Efstathiou, (2017), “Latest data shows developing trends in the European Central Bank’s refinancing operations”, Bruegel, 12 Δεκεμβρίου

At this stage, open market operations of the European Central Bank (ECB) primarily consist of long-term funding with maturity exceeding three years, i.e. mostly Targeted Long-Term Refinancing Operations (TLTROs). The importance of traditional, one-week Main Refinancing Operations (MRO) and three-month Long-Term Refinancing Operations (LTROs) has all but disappeared. More recently, the relative role of open market operations as a whole in liquidity provision has declined at the expense of that of the Asset Purchase Programme (APP). And yet, the country distribution of open market operations shows only gradual change.

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