These communication efforts have supported the monetary policy implementation operations by reassuring the market on the readiness of the ECB to take adequate measures when necessary.
Eurosystem’s collateral framework The ability of the Eurosystem to respond to the challenges for monetary policy implementation posed by the recent period of financial market volatility, that in many senses represents its most difficult test from the start of Monetary Union in 1999, has to a large extent depended on its collateral framework.