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BUSINESS AREAS
Analysis and research
Banknotes and coins
Central Balance Sheet Data Office
Conduct
Public debt
Financial stability
Statistics
Monetary policy
Resolution
Payment systems
Banking Supervision
Monetary policy
Home
Monetary policy
Monetary policy in the euro area and its instruments
The ECB’s new instruments
The ECB’s new instruments
What are the ECB’s new instruments?
What does it mean if interest rates are negative?
What are targeted longer-term refinancing operations (TLTROs)?
What are the asset purchase programmes (APPs)?
What is forward guidance?
When is forward guidance needed?
What role has the ECB played in the COVID-19 crisis?
What is the pandemic emergency purchase programme (PEPP)?
How are the pandemic emergency longer-term refinancing operations (PELTROs) and the TLTRO III operations different?
Can a central bank provide foreign currency funding to its counterparties?
Related Information
Pandemic emergency purchase programme (PEPP).
ECB announces new pandemic emergency longer-term refinancing operations.
Calendars
Targeted longer-term refinancing operations
Pandemic emergency longer-term refinancing operations
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Related information
Central bank liquidity lines.
What are currency swap lines?
The ECB monetary policy response to the COVID-19 crisis (2020).
US dollar funding tensions and central bank swap lines during the COVID-19 crisis
Other useful information
ECB measures during the coronavirus pandemic.
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