News

On 13 May 2019, the European Central Bank (ECB) published amendments to its guidelines on the implementation of monetary policy in the Eurosystem.

The new guidelines (Guidelines ECB/2019/11, ECB/2019/12 and ECB/2019/13) amend:

• (i) the Guideline on the implementation of the Eurosystem monetary policy framework (ECB/2014/60),
• (ii) the Guideline on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2015/35), and
• (iii) the Guideline on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2014/31).

Among the amendments to the monetary policy implementation framework is the further harmonisation of the definition of agencies as issuers or guarantors of debt instruments. In particular, the criteria used for recognised agencies in the collateral framework and agencies eligible for the public sector purchase programme (PSPP) are being aligned.

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