PRESS RELEASE

"The single monetary policy in Stage Three: General documentation on Eurosystem monetary policy instruments and procedures", Publication of the revised version

5 December 2000

Publication of the revised version

The European Central Bank (ECB) will today publish the revised version of the document entitled The single monetary policy in Stage Three: General documentation on Eurosystem monetary policy instruments and procedures. This document contains a detailed description of the monetary policy instruments and procedures applied by the Eurosystem.

The revised version of the document includes the changes to the operational framework endorsed by the Governing Council of the ECB between the publication of the previous version of the General Documentation on 18 September 1998 and 31 August 2000.

These changes relate to, inter alia, the risk control framework for eligible assets, the legal references for the minimum reserve framework, the conditions governing access to the standing facilities, additional information on the cross-border use of collateral, the framework for imposing sanctions for non-compliance with counterparty obligations and the reporting framework for the money and banking statistics of the ECB.

The document will be available on the ECB's website in all 11 official Community languages as from 3 p.m. ECB time (C.E.T.) today. [Publications]

Copies of the printed version are available free of charge and can be ordered by writing to the ECB's Press Division (Fax: +49 69 1344 7404). It will also be distributed by all EU national central banks.

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