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Reflections on the Eurosystem's new operational framework

· Joachim Nagel, President of the Deutsche Bundesbank (Germany)

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiReflections on the Eurosystem's new operational framework

ContextSpeech at the Konstanz Seminar on Monetary Theory and Monetary Policy; the Bundesbank is Germany's central bank within the euro system and reviews how the ECB steers short-term rates.

Why it mattersNagel explains the ECB's new framework for steering short-term rates.

Problems raised
  1. The Eurosystem needed a new operational framework.
  2. Money markets must function.
  3. Banks need equal access.
Solutions proposed
  1. Let all eligible banks borrow at the same rate.
  2. Monitor money market activity.
  3. Review the framework in two years.
Read full speech on bis.org ↗

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