Document Type
Case Study
Case Series
European Central Bank: Tools and Policy Actions
JEL Codes
G01, G28
Abstract
Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.
Recommended Citation
Ross, Chase P.; Wiggins, Rosalind Z.; and Metrick, Andrew
(2019)
"European Central Bank Tools and Policy Actions A: Open Market Operations, Collateral Expansion and Standing Facilities,"
Journal of Financial Crises: Vol. 1
:
Iss. 3, 57-81.
Available at:
https://elischolar.library.yale.edu/journal-of-financial-crises/vol1/iss3/5
Date Revised
2019-11-11
Included in
Economic Policy Commons, European Law Commons, Finance Commons, Finance and Financial Management Commons, International Economics Commons, International Relations Commons, Macroeconomics Commons, Policy History, Theory, and Methods Commons, Political Economy Commons, Public Policy Commons