The ECB concluded the review of its operating system, started in December 2022, approving the new framework which sets different rules for the management of short-term interest rates, in line with monetary policy decisions and with the normalization of the Eurosystem balance sheet.
The decision "recognizes the significant changes in the financial system and monetary policy in recent years", said ECB President Christine Lagarde.
The European Central Bank, in the new structure that opens after the 'operational framework' announced today, will provide liquidity through a mix of instruments that includes three-month bank financing (LTRO) and "in a subsequent phase, long-term structural operations and a portfolio structural titles".
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