Monetary policy intervention carried out on the central bank’s own initiative in the financial market. – In the context of the ECB, open market operations comprise the following transactions: – outright spot and forward purchases or sales of assets, – purchases or sales of
assets under a repurchase agreement, – lending or borrowing against collateral, – issuing ECB debt certificates, – taking deposits, or – foreign exchange swaps between domestic and foreign currencies. – See cover ratio, repurchase agreement, reverse repurchase agreement. – Cf. Deutsche Bundesbank Monthly Report of July 2004, pp. 56 et seq. (ECB open market operations), ECB Monthly Report of October 2007, pp. 93 et seq. (comparison of collateral arrangements at the ECB with the U.S. and Japan; many overviews), Deutsche Bundesbank Monthly Report of August 2009, p. 29 (open market operations during the financial crisis), Deutsche Bundesbank Monthly Report of August 2010, pp. 26 et seq. (money market management and liquidity needs; detailed overview of open market operations).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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