When the third stage of European monetary union (EMU) was initiated on 1 January 1999, monetary and foreign exchange policy was transferred to the European System of Central Banks (ESCB), which consists of the European Central Bank (ECB) and the national central banks of the participating member states.

The ECB interest rates are published in the Statistical Section of the Monthly Report, in tables and as time series.

The Eurosystem's monetary policy operations are shown in the Statistical Section of the Monthly Report and in tables.

Up to the end of 1998, the refinancing policy of the Deutsche Bundesbank was essentially based on discount and marginal lending (Lombard) operations as well as on open market operations in the form of repurchase (repo) transactions.

The discount and Lombard rates (from 1948 to 1998) as well as the base rates (from 1999)  – as successors to the discount rate – are shown as tables and time series. Information on the successors to the discount rate and Lombard rate is provided in a table. The repo rate (1985 to 1998) is displayed in a table.