Changes to the Eurosystem's operational framework

A series of changes to the Eurosystem's operational framework for monetary policy will be implemented in the first quarter of 2004.

These changes relate to:

the definition of the maintenance period for minimum reserves (which will always start on the settlement day of the main refinancing operation (MRO) following the Governing Council meeting at which the monthly assessment of the monetary policy stance is pre-scheduled);

the standing facilities (changes in the standing facility rates will, a