The official site of Italy's central bank

Monetary policy operations

There are four types of open market operations in the Eurosystem:
- main refinancing operations, regular liquidity-providing operations with a weekly frequency and a maturity of one week;
- longer-term refinancing operations, monthly liquidity-providing reverse transactions at with a three-month maturity;
- fine-tuning operations, which are executed on an ad hoc basis to manage unexpected fluctuations in liquidity or interest rates; they can be liquidity-providing or liquidity-absorbing;
- structural operations.