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Liquidity conditions and monetary policy operations in the period from 1 August to 30 October 2018

Author

Listed:
  • Lozoya, Mª Carmen Castillo
  • Fioretto, Elvira

Abstract

This box describes the ECB's monetary policy operations during the fifth and sixth reserve maintenance periods of 2018, which ran from 1 August to 18 September 2018 and from 19 September to 30 October 2018 respectively. Throughout this period the interest rates on the main refinancing operations (MROs), the marginal lending facility and the deposit facility remained unchanged at 0.00%, 0.25% and 0.40% respectively. In parallel, the Eurosystem continued to purchase public sector securities, covered bonds, asset-backed securities and corporate sector securities as part of its asset purchase programme (APP), with a target of €30 billion of purchases on average per month until the end of September and €15 billion as of October. JEL Classification: E40, E52, E58

Suggested Citation

  • Lozoya, Mª Carmen Castillo & Fioretto, Elvira, 2018. "Liquidity conditions and monetary policy operations in the period from 1 August to 30 October 2018," Economic Bulletin Boxes, European Central Bank, vol. 8.
    • Handle: RePEc:ecb:ecbbox:2018:0008:2
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2018/html/ecb.ebbox201808_02.en.html
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    More about this item

    Keywords

    autonomous factors; excess liquidity; interest rate developments; monetary policy;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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