Stylized Facts and First Explanations
The Eurosystem aims at steering the interbank money market rates in the euro area, the EONIA is its operational target. Figure 3.1 shows that the EONIA has tracked closely the MRO-rate, i.e. the ECB policy rate, so that from this point of view the Eurosystem’s operational framework has performed well.
KeywordsInterest Rate Central Bank Euro Area Stylize Fact European Central
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