(...) The Governing Council of the European Central Bank (ECB) today decided on changes to the operational framework for implementing monetary policy.
These changes will affect how central bank liquidity will be provided as excess liquidity in the banking system, while remaining significant over the coming years, gradually declines.
The purpose of the operational framework is to steer short-term money market rates closely in line with the Governing Council’s monetary policy decisions.
The review of the operational framework was announced in December 2022 to ensure that it remains appropriate as the Eurosystem balance sheet normalises.(...)
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