Emerging market growth was constrained through the channels of slower export growth into China, lower commodity prices, currency weakness, and financial market volatility. These factors, along with domestic challenges, saw emerging market economies like Brazil and Russia suffer recessions in 2015. Looking ahead, the IMF expects a modest rebound in emerging market growth this year.
There are also longerterm refinancing operations (LTROs) that have a maturity of three months, although the ECB acts as a price taker in these operations, consciously avoiding sending any monetary policy signal.