Editing European Central Bank (section)

===Monetary policy tools===
The principal monetary policy tool of the European central bank is collateralised borrowing or repo agreements.<ref name="Euro debt crisis">{{cite web|date=19 August 2011|title=All about the European debt crisis: In SIMPLE terms|url=http://www.rediff.com/business/slide-show/slide-show-1-all-about-european-debt-crisis-in-simple-terms/20110819.htm|access-date=28 October 2011|work=rediff business|publisher=rediff.com}}</ref> The collateral used by the ECB is typically high quality public and private sector debt.<ref name="Euro debt crisis" />

All lending to credit institutions must be collateralised as required by Article 18 of the Statute of the ESCB.<ref>THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS BY HANSPETER K. SCHELLER SECOND REVISED EDITION 2006, {{ISBN|92-899-0022-9}} (print) {{ISBN|92-899-0027-X}} (online) page 87 at the pdf online version</ref>

The criteria for determining "high quality" for public debt have been preconditions for membership in the European Union: total debt must not be too large in relation to a gross domestic product, for example, and deficits in any given year must not become too large.<ref name="Euro debt working paper" /> Though these criteria are fairly simple, a number of accounting techniques may hide the underlying reality of fiscal solvency—or the lack of the same.<ref name="Euro debt working paper" />
{| class="wikitable"
|+Monetary policy instruments of the ECB (November 2024)
!Type of instrument
!Name of instrument
!Maintenance period
!Rate
!Volume (millions)
|-
| rowspan="2" |'''Standing facilities'''
(rate corridor)
|Marginal lending facility 
|Overnight
|3.65%
|
|-
|Deposit facility
|Overnight
| 3.25%
|
|-
| rowspan="3" |'''Refinancing operations'''
(collateralized repos)
|Main refinancing operations (MROs)
|7 days
|3.4%
|6,660
|-
|Long-term refinancing operations (LTROs)
|3 months up to 3 years
|Average MRO rate
|12,990
|-
|Targeted-Long Term Refinancing Operations (TLTROs)
|Up to 4 years
| DFR
|29,160
|-
| rowspan="6" |'''Asset purchases'''
|Asset-backed securities purchase programme (ABSPP)
|n/a
|n/a
|7,428
|-
|Covered bonds purchase programme (CBPP)
|n/a
|n/a
|254,896
|-
|Corporate sector purchase programme (CSPP)
|n/a
|n/a
|292,299
|-
|Public sector purchase programme (PSPP)
|n/a
|n/a
|2,143,646
|-
|Pandemic emergency purchase programme (PEPP)
|n/a
|n/a
|1,619,343
|-
|Securities markets programme (SMP) - Terminated
|n/a
|n/a
|1,330
|-
|'''Reserve requirements'''
|Minimum reserves
|6 weeks
|1%
|161,936
|}