The ECB has been particularly active since the outbreak of turbulence and has used the full range of operational instruments at its disposal. It has added extra liquidity through special overnight and longer-term refinancing operations, as well as through more sizeable injections of liquidity in its main refinancing operations.
There have also been changes to the pattern of liquidity provision within the Eurosystem, with significant front-loading of liquidity needs to accommodate the demand of counterparties to fulfil reserve requirements early in the maintenance period, and changes to the maturity composition, with much larger weight for 3month refinancing operations relative to 1-week refinancing operations.