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European Central Bank - eurosystem
European Central Bank - eurosystem
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  • Monetary policy & markets
    Monetary policy & markets

    Our monetary policy strategy, the tools we use and the impact they have

    Overview of monetary policy and markets
    Quick links
    • What is monetary policy?
    • Strategy review
    • Asset purchase programmes
    Latest monetary policy press conference
    24 July 2025
    • Introduction
      • Benefits of price stability
      • Scope of monetary policy
      • Transmission mechanism
    • Decisions, statements & accounts
    • Monetary policy strategy
      • Strategy review
      • Medium-term orientation
      • Two per cent inflation target
    • Economic, monetary and financial analysis
      • Economic analysis
      • Monetary and financial analysis
    • Instruments
      • Open market operations
        • TLTROs
      • Asset purchase programmes
        • Securities lending
      • Pandemic emergency purchase programme
      • Standing facilities
      • Minimum reserves
        • Two-tier system
    • International market operations
      • Euro central bank liquidity lines
    • Emergency liquidity assistance (ELA)
    • Liquidity analysis
    • Collateral
      • Eligibility criteria and assessment
        • Marketable assets
        • Non-marketable assets
      • List of eligible marketable assets
        • User guide
      • Collateral management
        • Eligible SSSs
        • Eligible links
        • Eligible triparty agents
      • Risk mitigation
        • ECAF
        • Risk control
        • Haircut categories
        • Valuation
      • Loan-level requirements
        • Data templates
        • Eligibility requirements
        • Frequently asked questions
      • Contacts
    • Structure of the euro area economy
      • Economic policy
      • Fiscal policies
      • External trade
      • Effective exchange rates
      • Financial structure
      • Financial markets
      • Financial intermediaries
      • Economic diversity
      • Labour market
    • Market contact groups
      • Bond market (BMCG)
      • Money market (MMCG)
      • Debt Issuance Market Contact Group (DIMCG)
      • ECB Operations managers group (ECB OMG)
      • Foreign exchange (FXCG)
      • Institutional Investor Dialogue (IID)
      • Monetary Analysis Contact Group (MACG)
  • Payments & financial stability
    Payments & financial stability

    Insights into our work on financial stability and payments and market infrastructures

    Overview of payments and financial stability
    Quick links
    • Digital euro
    • Payments news & events
    • TARGET professional use documents and links
    Latest Financial Stability Review
    16 May 2024
    • Payments
    • TARGET Services
      • Shared features