Monetary policy


Counterparties are the group of credit institutions in the Eurozone with whom the Eurosystem conducts certain monetary policy transactions.

To qualify as such, institutions must fulfil the general selection criteria, common to the whole of the Eurozone. These are as follows:

  • They are subject to the minimum reserve requirement systems laid down by the Eurosystem.
  • They must be financially solvent.
  • They must fulfil the operating requirements laid down by the national central banks and, if applicable, by the European Central Bank (ECB).

The institutions selected may, in turn:

  • Participate in the open market transactions of the Eurosystem: the main financing transactions, longer-term financing transactions, fine-tuning transactions and structural transactions.
  • Have access to standing facilities

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