The evolution of central banks’ lending operations: insights from the Markets Committee Compendium

2026

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This paper analyzes the evolving landscape of central bank lending operations, offering crucial insights for policymakers navigating a changing financial environment.

* Examines the design features and trade-offs of central bank lending operations, including counterparty access, collateral frameworks, pricing, and disclosure practices.
* Draws on the updated Markets Committee Compendium, providing a cross-country overview of monetary policy frameworks and market operations.
* Discusses how central banks are recalibrating their liquidity tools in response to reduced reserve levels and the growing influence of non-bank financial institutions.

Central banks, lending operations, monetary policy, financial stability, Markets Committee

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