Securities Markets Program

Securities Markets Program (or SMP) is set for interventions by the Eurosystem in public and private debt securities markets in the euro area to ensure depth and liquidity in those market segments that are dysfunctional.

Objective
The objective of SMP is to restore an appropriate monetary policy transmission mechanism, and thus the effective conduct of monetary policy oriented towards price stability in the medium term.

The impact of these interventions is sterilised through specific operations to re-absorb the liquidity injected and thereby ensure that the monetary policy stance is not affected.

Legal basis

 * : Decision of the European Central Bank of 14 May 2010 establishing a securities markets programme (ECB/2010/5)
 * : Decision of the European Central Bank of 25 November 2010 on the interim distribution of the income of the European Central Bank on euro banknotes in circulation and arising from securities purchased under the securities markets programme (ECB/2010/24)

Related articles

 * LTRO
 * OMT
 * QE
 * SMP