ECB Blog entry
by Claudia Buch and Isabel Schnabel
“This blog post explains the role that the Eurosystem’s refinancing operations play within the ECB’s operational framework. It emphasises that, as excess liquidity becomes less ample, the ECB, both as a monetary policy authority and as a supervisor, expects that banks should consider these operations as an integral part of their day-to-day liquidity management.”
Link:
ECB Blog Entry: Managing liquidity in a changing environment