Directory code: Freedom of movement for workers and social policy / Social policy / Employment and unemployment / Employment incentives Economic and monetary policy and free movement of capital / Monetary policy / Indirect instruments of monetary policy

To facilitate the provision of liquidity to counterparties for Eurosystem monetary policy operations, on 6 September 2012, the Governing Council decided to temporarily widen the criteria determining the eligibility of assets to be used as collateral in Eurosystem monetary policy operations by accepting marketable debt instruments denominated in pounds sterling, yen or US dollars as eligible assets for monetary policy operations.

To enhance the provision of liquidity to counterparties for Eurosystem monetary policy operations, the Governing Council has decided to temporarily widen the criteria determining the eligibility of assets to be used as collateral in Eurosystem monetary policy operations accepting marketable debt instruments denominated in pounds sterling, yen or US dollars as eligible assets for monetary policy operations.

Guideline ECB/2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem (1), should be amended to reflect changes to the Eurosystem’s monetary policy framework, in particular: (a) to introduce the eligibility criteria for the own use of non-UCITS compliant covered bank bonds with commercial mortgages as the underlying assets; (b) to add fixed-term deposits as eligible collateral for Eurosystem monetary policy operations and intraday credit; and (c) to amend Appendix 5 to Annex I to reflect the fact that Estonia will adopt the euro on 1 January 2011 and that the name of the Central Bank and Financial Servi ...[+++]ces Authority of Ireland has changed,

Macroeconomic policy was broadly adequate but was complicated by sticky inflation // Whereas earlier in 2002, expectations centred on a tightening of monetary policy to stem inflationary pressure linked to the expected recovery, against a background of slowly receding inflationary pressure and continued subdued economic growth monetary authorities kept monetary policy on hold until well into the autumn, before proceeding to a further easing towards year-end.

The document, which forms part of the Eurosystem's legal framework for monetary policy instruments and procedures, is intended to serve as the "General documentation" on the monetary policy instruments and procedures of the Eurosystem, particularly aiming to provide counterparties with the information they need in relation to the Eurosystem's monetary policy framework.