The Eurosystem’s regular open market operations consist of one-week euro liquidity-providing operations (main refinancing operations or MROs) as well as three-month euro liquidity-providing operations (longer-term refinancing operations or LTROs). MROs serve to steer short-term interest rates, to manage the liquidity situation, and to signal the stance of monetary policy in the euro area, while LTROs aim to provide additional, longer-term refinancing to the financial sector.