【研报】欧洲央行-2022年和2023年欧元体系货币政策工具的使用及其货币政策实施框架（英）-202.docx

TomHudepohl,SuzanneMalderez(editors)

OccasionalPaperSeries

TheuseoftheEurosystem’smonetarypolicyinstrumentsanditsmonetarypolicyimplementationframeworkin2022and2023

No

No355

Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.

ECB

ECBOccasionalPaperSeriesNo355

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Contents

Abstract 4

Non-technicalsummary 5

IntroductiontotheEurosystem’sMPIsin2022and2023 7

ECBpolicyrates:exceptionallyfasthikesininterestratesand

impactonmoneymarketrates 12

Hikingcycleanddeclineinexcessliquidity 12

Moneymarketdevelopments 14

Pass-throughtounsecuredmoneymarketrates 15

Pass-throughtosecuredmoneymarketrates 16

BoxATheevolutionofexcessliquidityanditsimpactonthe€STR 19

Assetpurchaseprogrammes:movingfromnetpurchasesto

phasing-out 22

Gradualphasing-outofPEPPandAPPpurchases 22

IntroductionoftheTPI 26

BoxB(A)symmetricimpactof(unwinding)assetpurchasesonrisk-

freeinterestrates 28

Creditoperations:large-scaleTLTROrepayments 32

Large-scaleTLTROIIIrepayments 33

LowuseofregularrefinancingoperationsandtheMLF 36

FrequencyadjustmentofUSdollarcreditoperations 37

Collateralframework 39

Gradualphasing-outofcollateraleasingmeasuresandotherframeworkdevelopments 39

Eligibilityandmobilisationofcollateral 41

BoxCCollateralreleaseafterTLTROIIIrepaymentsandphasing-out

ofcollateraleasingmeasures 44

BoxDClimatechangeconsiderationsformonetarypolicy

implementation 47

Minimumreserverequirements(MRRs) 49

Counterpartyframework 52

Eligibilitycriteriaanddiscretionarymeasures 52

Counterparty-relateddevelopments 52

References 55

Abstract

TheEurosystemimplementsitsmonetarypolicythroughasetofmonetarypolicyinstruments(MPIs