Publication of "The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures"

The European Central Bank (ECB) will today publish the document entitled “The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures” (a revised version of the publication generally referred to as the “General Documentation”). This document contains a detailed description of the monetary policy instruments and procedures used by the Eurosystem.

This revised version of the “General Documentation” replaces the document entitled “The single monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures”, published in April 2002. The new document incorporates the changes to the Eurosystem’s monetary policy operational framework endorsed by the ECB’s Governing Council in the course of 2003. A detailed description of these changes, together with their implementation dates, was announced in a press release on 12 January 2004 entitled “Phasing-in of the changes to the Eurosystem’s operational framework for monetary policy in early 2004”. The document will enter into force on 8 March 2004 (however, the first long-term refinancing operation – LTRO – conducted in accordance with the new rules will take place on 25 February).

The document can be obtained in electronic format from the ECB’s website, in all the official Community languages, from 3 p.m. ECB time (C.E.T.) today (pdf 1.08 MB). Hard copies will be available, free of charge, from 8 March 2004 and can be requested by writing to the ECB’s Press and Information Division or to any of the EU national central banks.