The monetary policy instruments used by the Eurosystem in 2013 comprised open market operations, such as main refinancing operations (MROs), longer-term refinancing operations (LTROs) and fine-tuning operations, as well as standing facilities and minimum reserve requirements.
In addition, counterparties were given for the first time the option to repay on a weekly basis amounts outstanding from the three-year LTROs allotted in December 2011 and February 2012.
During 2013 the Governing Council changed key ECB interest rates on two occasions (see Chart 30). On 8 May 2013 the width of the interest rate corridor around the rate on the MROs decreased from 150 basis points to 100 basis points, as the interest rates on the MROs and the marginal lending facility were reduced by 25 and 50 basis points to 0.50% and 1.00% respectively, while the rate on the deposit facility remained unchanged at 0.00%. In addition, on 13 November 2013 the interest rate corridor narrowed further to 75 basis points and became asymmetric, as the interest rates on the MROs and the marginal lending facility were reduced by 25 basis points each to 0.25% and 0.75% respectively, while the rate on the deposit facility remained unchanged at 0.00%
Expanding the toolbox: monetary policy at the effective lower bound for key ECB interest rates
Against the backdrop of a subdued inflation outlook coupled with weak growth momentum, the Eurosystem has adopted a number of major additional monetary policy measures since June 2014.
The policy package introduced in 2014 included three main elements: reducing the key ECB interest rates to the effective lower bound; introducing a series of targeted longer-term refinancing operations (TLTROs); and launching two purchase programmes for selected private sector assets. The package aimed to restore the normal transmission of monetary policy as well as to provide further monetary accommodation, thereby supporting lending to the real economy and the euro area recovery in order to maintain price stability over the medium term.
The measures adopted in 2014 led to a further considerable easing of the effective monetary policy stance, with the liquidity injections via the TLTROs and asset purchase programmes set to reach their full scale over the subsequent quarters. In this context, the Governing Council communicated its intention to sizeably increase the Eurosystem’s balance sheet in order to provide a sufficient degree of monetary stimulus to raise annual HICP inflation rates to levels below, but close to, 2%. Moreover, the Governing Council remained unanimous in its commitment to using additional unconventional instruments within its mandate, should it become necessary to further address risks of too prolonged a period of low inflation.
ศัพท์การเงินภาษาอังกฤษ แปลเองไม่เข้าใจ รบกวนใครเก่งแปลให้หน่อยค่ะ
In addition, counterparties were given for the first time the option to repay on a weekly basis amounts outstanding from the three-year LTROs allotted in December 2011 and February 2012.
During 2013 the Governing Council changed key ECB interest rates on two occasions (see Chart 30). On 8 May 2013 the width of the interest rate corridor around the rate on the MROs decreased from 150 basis points to 100 basis points, as the interest rates on the MROs and the marginal lending facility were reduced by 25 and 50 basis points to 0.50% and 1.00% respectively, while the rate on the deposit facility remained unchanged at 0.00%. In addition, on 13 November 2013 the interest rate corridor narrowed further to 75 basis points and became asymmetric, as the interest rates on the MROs and the marginal lending facility were reduced by 25 basis points each to 0.25% and 0.75% respectively, while the rate on the deposit facility remained unchanged at 0.00%
Expanding the toolbox: monetary policy at the effective lower bound for key ECB interest rates
Against the backdrop of a subdued inflation outlook coupled with weak growth momentum, the Eurosystem has adopted a number of major additional monetary policy measures since June 2014.
The policy package introduced in 2014 included three main elements: reducing the key ECB interest rates to the effective lower bound; introducing a series of targeted longer-term refinancing operations (TLTROs); and launching two purchase programmes for selected private sector assets. The package aimed to restore the normal transmission of monetary policy as well as to provide further monetary accommodation, thereby supporting lending to the real economy and the euro area recovery in order to maintain price stability over the medium term.
The measures adopted in 2014 led to a further considerable easing of the effective monetary policy stance, with the liquidity injections via the TLTROs and asset purchase programmes set to reach their full scale over the subsequent quarters. In this context, the Governing Council communicated its intention to sizeably increase the Eurosystem’s balance sheet in order to provide a sufficient degree of monetary stimulus to raise annual HICP inflation rates to levels below, but close to, 2%. Moreover, the Governing Council remained unanimous in its commitment to using additional unconventional instruments within its mandate, should it become necessary to further address risks of too prolonged a period of low inflation.