This usually happens through monetization of debt through the central bank’s bond buying programme. Central banks typically conduct OMOs more as reverse transactions (repos) for liquidity management purposes in line with their monetary policy stance and intermediate targets. In that case, they should be seen as pure monetary policy operations.
All the aspects and phases of this challenging exercise will be covered in the discussions of today and tomorrow at this Conference. BIS Review 8/1999  –2–  2. The importance of the Y2K problem for the global financial market It is not necessary to elaborate on the importance of electronic data processing and communication systems for financial institutions and markets.