Third, fine-tuning operations have been used more frequently – albeit still to a very modest extent – especially in the first few months of the period of tension. Despite higher than usual volatility, as a result of these actions the average level of the EONIA has remained close to the minimum bid rate, as intended.
The stance of monetary policy reflected in the Governing Council’s monthly decisions has therefore been effectively achieved and signalled, maintaining the separation principle. The basic structure of the operational framework, including the broad ranges of counterparties and collateral eligible for use in Eurosystem operations, has been in place since the beginning of Monetary Union.