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.
Ross, Chase P.; Wiggins, Rosalind Z.; and Metrick, Andrew
"European Central Bank Monetary Policy Operations During the Crisis A: Open Market Operations, Collateral Expansion and Standing Facilities,"
Journal of Financial Crises: Vol. 1
Iss. 3, 57-80.
Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol1/iss3/5
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