Until October 2008, the Eurosystem provided reserves via variable-rate, fixed-quantity liquidity tenders. The quantity was set in an essentially passive manner, by estimating banks' liquidity needs based on past deposit balances.
27 28  29  K. Masuch, S. Nicoletti Altimari, H. Pill and M. Rostagno, ‘The Role of Money in Monetary Policy Making’ in Background studies for the ECB’s evaluation of its monetary policy strategy, 19, 2003.