The Bank uses this forum to provide feedback from similar groups established at Eurosystem level while local issues that arise at the Dublin Contact Group are fed back to the ECB as appropriate. The ECB itself is also fully committed to public consultation in advance of making decisions and such an exercise was undertaken recently on the operational framework for monetary policy.
Market participants' views were requested regarding three separate issues: a change in the timing of the reserve maintenance period; a shortening of the maturity of the Main Refinancing Operations from the current two weeks to one week; and a possible suspension of the Longer-Term Refinancing  4  BIS Review 7/2003  Operations. The Eurosystem received a strong response to this public consultation.