Fine control operation

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Fine-tuning operations are part of the open market operations of the European Central Bank (ECB). The ECB can use them to compensate for unexpected fluctuations in interest rates and liquidity and act as a signal generator.

Several instruments are available for this:

• limited transactions (of securities) via quick tenders
• definitive (= final) [sales] (of securities) via bilateral transactions
• Foreign exchange swaps through bilateral transactions
• Acceptance of time deposits

Usually the fine-tuning operations are carried out by the national central banks , but in exceptional cases they can also be carried out by the ECB.