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Analysis of Recent Monetary Operations & Financial Market Developments

Author

Listed:
  • Gallagher, Brian

    (Central Bank of Ireland)

  • Johnston, Paul

    (Central Bank of Ireland)

Abstract

In 2013, developments in the European periphery and emerging markets remained a focus for market participants. Meanwhile, monetary policy announcements by the key central banks continued to be a driver of financial market developments. In this article we review 2013 and early 2014, examining the main changes to the ECB’s operational framework and the evolution of Eurosystem lending, particularly the Early Repayment Operations (EROs) relating to the two 3-year Longer Term Refinancing Operations (LTROs). The article studies the use of the ECB’s standing facilities, while it also reports on the improvements in money markets over the review period. Finally, we also examine the Irish sovereign’s on-going return to debt markets before briefly analysing changes in TARGET2 balances over 2013.

Suggested Citation

  • Gallagher, Brian & Johnston, Paul, 2014. "Analysis of Recent Monetary Operations & Financial Market Developments," Quarterly Bulletin Articles, Central Bank of Ireland, pages 105-120, April.
    • Handle: RePEc:cbi:qtbart:y:2014:m:04:p:105-120
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