PRESS RELEASE

Implementation issues related to the changes to the Eurosystem’s operational framework for monetary policy, and the indicative reserve maintenance periods calendar for 2004

1 August 2003

The European Central Bank (ECB) is today publishing some practical information on the implementation of the changes to the Eurosystem’s monetary policy operational framework as well as the indicative calendar for the reserve maintenance periods in 2004.

This information aims at helping credit institutions to adapt to the changes to the Eurosystem’s monetary policy operational framework as decided by the Governing Council of the ECB on 23 January 2003:

  1. The timing of the reserve maintenance period will be changed so that it will always start on the settlement day of the main refinancing operation (MRO) following the Governing Council meeting at which the monthly assessment of the monetary policy stance is pre-scheduled. Furthermore, as a rule, the implementation of changes to the standing facility rates will be aligned with the start of the new reserve maintenance period.
  2. The maturity of the MROs will be shortened from two weeks to one week.

It was announced at that time that these changes to the monetary policy operational framework are scheduled to come into effect during the first quarter of 2004 and that the reserve maintenance period calendar will be published at least three months in advance.

Further information can be found in the annex to this press release on the ECB website.

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