The ECB has completed the review of the operational framework for implementing monetary policy announced at the end of 2022 and publicized a number of changes, but also the retention of some parameters.
Adjustment of the monetary policy framework The ECB is thus preparing for the time after the current surplus liquidity has been reduced, which should be the case in a few years' time. The decision to continue to steer the monetary policy stance via the deposit rate remains unchanged. The ECB assumes that short-term money market rates will evolve close to the deposit rate.
Both instruments are to be an integral part of the ECB's toolbox for covering the structural liquidity requirements of the banking sector. The aim is to avoid any interference with the monetary policy course by the aforementioned instruments. Details on the design of the new instruments are not yet known. An introduction before 2026 seems unlikely. The current reduction of the APP and PEPP securities portfolios is to be continued.
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