Irregular open market operations conducted by the ECB as the central bank, mainly aimed at smoothing unexpected liquidity fluctuations in the market. Accordingly, liquidity-providing fine-tuning instruments (reverse transactions, foreign exchange swaps, outright transactions) and liquidity-absorbing fine-tuning operations (reverse transactions, foreign exchange swaps, collection of banks’ term deposits) are used. – Cf. ECB Monthly Bulletin, November 2006, pp. 91 ff. (detailed presentation with overviews), Deutsche Bundesbank Annual Report 2006, p. 34 (presentation of individual steps taken in 2006).
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