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What conclusions can be drawn from the implementation of the two-tier system?
[Quel bilan tirer de la mise en œuvre du mécanisme de tiering ?]

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  • Samuel Bieber

Abstract

The two-tier system, which has been in place for over a year in the euro area, exempts part of banks' excess reserve holdings with the central bank from negative remuneration. This system aims to support the bank-based transmission of monetary policy. It has not unduly influenced money market rates. Le tiering, ou mécanisme à 2 paliers, appliqué depuis plus d’un an dans la zone euro, permet d’exempter de taux d’intérêt négatifs une partie des réserves détenues par les banques auprès de la banque centrale. Ce mécanisme a été mis en place afin de soutenir la transmission de la politique monétaire par le canal des banques. Il n’a pas eu d’effets indésirables sur les taux du marché monétaire.

Suggested Citation

Handle: RePEc:bfr:econot:208
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File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/what-conclusions-can-be-drawn-implementation-two-tier
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File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/quel-bilan-tirer-de-la-mise-en-oeuvre-du-mecanisme-de-tiering
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