In January 1999, the euro was launched and the Eurosystem took over the responsibility for the single monetary policy in the euro area. This creation of a new currency and a single monetary policy in a large and relatively heterogeneous economic area has been related to extraordinary challenges. Among these challenges there has been the development of an appropriate operational framework, i.e. of appropriate instruments and procedures for the conduct of monetary policy.
KeywordsMonetary Policy Central Bank Euro Area Liquidity Management Maintenance Period
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