ECB Economic Bulletin

Monetary policy & markets Monetary policy & markets Our monetary policy strategy, the tools we use and the impact they have Overview of monetary policy and markets Quick links What is monetary policy? Strategy review Asset purchase programmes Latest monetary policy press conference 5 February 2026 IntroductionBenefits of price stabilityScope of monetary policyTransmission mechanismDecisions, statements & accountsMonetary policy strategyStrategy reviewMedium-term orientationTwo per cent inflation targetEconomic, monetary and financial analysisEconomic analysisMonetary and financial analysisInstrumentsOpen market operationsTLTROsAsset purchase programmesSecurities lendingPandemic emergency purchase programmeStanding facilitiesMinimum reservesTwo-tier systemInternational market operationsEuro central bank liquidity linesEmergency liquidity assistance (ELA)Liquidity analysisCollateralEligibility criteria and assessmentMarketable assetsNon-marketable assetsList of eligible marketable assetsUser guideCollateral managementEligible SSSsEligible linksEligible triparty agentsRisk mitigationECAFRisk controlHaircut categoriesValuationLoan-level requirementsData templatesEligibility requirementsFrequently asked questionsContactsStructure of the euro area economyEconomic policyFiscal policiesExternal tradeEffective exchange ratesFinancial structureFinancial marketsFinancial intermediariesEconomic diversityLabour marketMarket contact groupsBond market (BMCG)Money market (MMCG)Debt Issuance Market Contact Group (DIMCG)ECB Operations managers group (ECB OMG)Foreign exchange (FXCG)Institutional Investor Dialogue (IID)Monetary Analysis Contact Group (MACG) Our monetary policy strategy, the tools we use and the impact they have What is monetary policy? Strategy review Asset purchase programmes IntroductionBenefits of price stabilityScope of monetary policyTransmission mechanism Benefits of price stability Scope of monetary policy Transmission mechanism Decisions, statements & accounts Monetary policy strategyStrategy reviewMedium-term orientationTwo per cent inflation target Strategy review Medium-term orientation Two per cent inflation target Economic, monetary and financial analysisEconomic analysisMonetary and financial analysis Economic analysis Monetary and financial analysis InstrumentsOpen market operationsTLTROsAsset purchase programmesSecurities lendingPandemic emergency purchase programmeStanding facilitiesMinimum reservesTwo-tier system Open market operationsTLTROs TLTROs Asset purchase programmesSecurities lending Securities lending Pandemic emergency purchase programme Standing facilities Minimum reservesTwo-tier system Two-tier system International market operationsEuro central bank liquidity lines Euro central bank liquidity lines Emergency liquidity assistance (ELA) Liquidity analysis CollateralEligibility criteria and assessmentMarketable assetsNon-marketable assetsList of eligible marketable assetsUser guideCollateral managementEligible SSSsEligible linksEligible triparty agentsRisk mitigationECAFRisk controlHaircut categoriesValuationLoan-level requirementsData templatesEligibility requirementsFrequently asked questionsContacts Eligibility criteria and assessmentMarketable assetsNon-marketable assets Marketable assets Non-marketable assets List of eligible marketable assetsUser guide User guide Collateral managementEligible SSSsEligible linksEligible triparty agents Eligible SSSs Eligible links Eligible triparty agents Risk mitigationECAFRisk controlHaircut categoriesValuation ECAF Risk control Haircut categories Valuation Loan-level requirementsData templatesEligibility requirementsFrequently asked questions Data templates Eligibility requirements Frequently asked questions Contacts Structure of the euro area economyEconomic policyFiscal policiesExternal tradeEffective exchange ratesFinancial structureFinancial marketsFinancial intermediariesEconomic diversityLabour market Economic policy Fiscal policies External trade Effecti

The Economic Bulletin presents the economic and monetary information which forms the basis for the Governing Council's policy decisions. It is released eight times a year, two weeks after each monetary policy meeting. The Bulletins in March, June, September and December provide comprehensive analysis of economic and monetary developments including an integrated discussion of the staff macroeconomic projections on inflation, growth, public finances, and external trade. Language versions Next release: Issue 1, 2026 - 19 February 2026

Read our latest update on the economic and monetary developments in the euro area and global economies.

CHECK OUT OUR PREVIOUS RELEASE 15 January 2026 Economic Bulletin Issue 8, 2025 13 November 2025 Economic Bulletin Issue 7, 2025 25 September 2025 Economic Bulletin Issue 6, 2025 7 August 2025 Economic Bulletin Issue 5, 2025 20 June 2025 Economic Bulletin Issue 4, 2025

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