Factors, autonomous (autonomous factors)

At the ECB, all items on the Eurosystem’s balance sheet that are not EUR-denominated monetary policy instruments.
Government deposits and banknotes in circulation are among the most important components of autonomous factors. – See Liquidity requirements, Excess reserves. – Cf. ECB Monthly Bulletin, January 2008, pp. 97 ff (detailed presentation; many overviews).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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