But their nature is different from those in the United States. In particular, it is the counterparties of the Eurosystem’s monetary policy operations who decide which type of eligible asset they pledge as collateral. Interestingly, in the last two years (i.e.
2008 and 2009) the share of government securities in the total eligible collateral that has been posted has been smaller than in preceding years (while the share of asset backed securities, uncovered bank bonds and non marketable assets has increased).