Non disponibile in italiano
Anne-Lise Nguyen
- 20 June 2025
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 4, 2025Details
- Abstract
- This box describes the Eurosystem liquidity conditions and monetary policy operations in the first and second reserve maintenance periods of 2025, from 5 February to 22 April 2025.
- JEL Code
- 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
- 20 June 2022
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 4, 2022Details
- Abstract
- The €STR, launched in October 2019, is the official euro-denominated risk-free benchmark interest rate. It fully replaced EONIA from January 2022, after a transition period of more than two years. The article explains what benchmark rates are, why they are important for financial markets and why the ECB needs robust and reliable benchmark rates from a monetary policy perspective. It provides an overview of the close cooperation with market participants, the creation and main features of the €STR, how it is calculated on the basis of MMSR data, the robustness of its production and overall framework and the transparency policy on errors.
- JEL Code
- E49 : Macroeconomics and Monetary Economics→Money and Interest Rates→Other