Europe,  Available  at  Serafini, R., R. Strauch and M. Schiffbauer (2011) The impact of ICT and human capital on TFP – implications for recent EMU and US growth differences. Working Paper forthcoming (Frankfurt: European Central Bank). Solow, R. M. (1956) A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1):65–94.
Only fine-tuning operations, outright transactions, foreign exchange swaps and the acceptance of time deposits may in exceptional cases be executed directly by the ECB upon decision of the ECB’s Governing Council. As regards standing facilities, i.e., the marginal lending facility and the deposit facility, banks will be dealing only with the NCBs. Minimum reserves will also be held exclusively by the national central banks.