Publication of "The single monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures"

The European Central Bank (ECB) will today publish the document entitled 'The single monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures' (referred to as the 'General Documentation'). This document contains a detailed description of the monetary policy instruments and procedures applied by the Eurosystem.

The new version replaces the document entitled 'The single monetary policy in Stage Three: General documentation on Eurosystem monetary policy instruments and procedures', published in November 2000.

The new version of the General Documentation includes the changes to the Eurosystem's monetary policy operational framework endorsed by the Governing Council of the ECB since November 2000. The updates relate to, inter alia, the location criteria for eligible assets, the criteria applicable to eligible guarantees, the exclusion of certain types of structured notes from the eligible assets and legal references for the minimum reserve system.

The document will be available on the ECB's website in English from 3 p.m. ECB time (C.E.T.) today. Copies of the printed version will be available free of charge and can be ordered from the ECB's Press and Information Division. It will also be distributed by the EU national central banks.

The General Documentation in all the other official Community languages will be available from the respective EU national central banks in the course of June 2002.

It should be noted that this document is an annex of the Guideline ECB/2002/2 amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem, adopted by the Governing Council on 7 March 2002.

The Guideline will be published in all the official Community languages in the Official Journal of the European Communities and will enter into force on 7 July 2002.