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The European Monetary Institute has been working with national central banks of the European Union (EU) to prepare instruments for the operation of monetary policy in Stage 3 of European Economic and Monetary Union. Several publications describing the proposed arrangements have been issued. This paper briefly summarizes the arrangements and identifies some areas in which important decisions still have to be made or refinements introduced—including the choice of counterparties in fine-tuning open market operations; the design of reserve requirements; the signaling function of monetary operations; and payment system relationships with non-EMU participants in the EU.

Banks and Banking --- Money and Monetary Policy --- Monetary Policy --- Central Banks and Their Policies --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Interest Rates: Determination, Term Structure, and Effects --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Finance --- Banking --- Credit --- Reserve requirements --- Market interest rates --- Standing facilities --- Money --- Monetary policy --- Financial services --- Open market operations --- Central banks --- Interest rates --- Banks and banking --- Germany