Monetary Policy
- European Parliament
The European Parliament is the EU’s elected parliamentary body and participates in the adoption of Union legislation, with its influence depending on the procedure applicable to …
- fine-tuning operation
In Eurosystem monetary policy, a fine-tuning operation is an ad hoc market intervention used when liquidity conditions change unexpectedly. It is arranged as needed rather than …
- fixed rate tender
A fixed-rate tender is a central-bank liquidity operation conducted at a rate set beforehand. Participating counterparties submit bids stating the volume of funds they wish to …
- legal convergence EN
Legal convergence denotes the changes required in a Member State’s domestic law before its central bank can participate fully in the EU monetary framework. The relevant …
- longer-term refinancing operation EN
Longer-term refinancing operations are part of the Eurosystem’s routine liquidity-provision framework. They are conducted each month through standard tenders and normally run for three months. Under …
- economic analysis
Economic analysis provides the evidence and interpretation needed to judge how the economy is evolving and how monetary-policy decisions may affect it. It covers current activity, …
- deposit facility
A deposit facility is a standing monetary-policy arrangement through which eligible counterparties place funds overnight with a central bank. The central bank pays interest on these …
- central parity
In ERM II, central parity is the euro value jointly assigned to a participating country’s currency. It is used as the anchor for monitoring whether the …
- central rate
Within ERM II, the central rate is the agreed euro-denominated value assigned to a participating currency. It anchors the mechanism’s monitoring of that currency and is …
- central bank
A central bank is the official monetary authority for a country or group of countries. It typically sets key interest rates, manages the currency and money …