Monetary policy frameworks and central bank market operations
17 December 2007
Monetary policy frameworks and central bank market operations describes, for each central bank, the main features of:
- monetary policy committees (or similar decision-making bodies);
- policy implementation (key policy rate, operational target, etc);
- market operations (main instruments, eligible collateral, etc); and
- monetary policy communication.
The Committee believes that sharing such information, which has been useful in its own discussions, with market participants and the public at large could enhance market transparency and the understanding of central bank actions. The information will be updated regularly.
About the Markets Committee
The Markets Committee, established in 1962, comprises senior officials responsible for market operations at 21 central banks from the G10 and some of the largest non-G10 economies. The Committee's discussions focus on recent developments in financial markets, possible future trends, and the short-run implications of current events for the functioning of these markets and central bank operations. The Committee also serves as a forum for central banks to discuss the specifics of their own market operations.
The Markets Committee is currently chaired by Hiroshi Nakaso, Director General, Financial Markets Department, Bank of Japan.
1 Reserve Bank of Australia, Central Bank of Brazil, Bank of Canada, People's Bank of China, Eurosystem (European Central Bank plus the national central banks of Belgium, France, Germany, Italy, the Netherlands and Spain), Hong Kong Monetary Authority, Reserve Bank of India, Bank of Japan, Bank of Korea, Bank of Mexico, Monetary Authority of Singapore, Sveriges Riksbank, Swiss National Bank, Bank of England and Federal Reserve Bank of New York.