Longer-Term Refinancing Operations In the Euro Area decreased to 1303.29 EUR Billion in February from 1947.07 EUR Billion in December of 2022. Longer-Term Refinancing Operations in the Euro Area averaged 490.01 EUR Billion from 1999 until 2023, reaching an all time high of 2213.15 EUR Billion in September of 2021 and a record low of 32.13 EUR Billion in January of 1999. The European Central Bank uses open market operations to steer interest rates, to manage the amount of liquidity in the financial system and to signal the monetary policy stance. Regular open market operations consist of one-week liquidity-providing operations in euro (main refinancing operations, or MROs) and three-month liquidity-providing operations in euro (longer-term refinancing operations, or LTROs). This page includes a chart with historical data for ECB Longer-term Refinancing Operations (LTROs).
