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“It is inconceivable that policymakers today, aided by their theoretical understanding of the mechanisms and by the statistical information at their disposal, would begin to make the serious errors committed by the governments in 1929-32.” J. Tobin
The General Theorist 
Hello,
what do the Eurosystem weekly balances “o/w held for monetary policy” include or exclude compared to the total balances?
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Total is all assets, so as well as gold and foreign reserves, structural portfolio, MRO/LTRO/VLTRO/TLTRO and any assets held that are non-monetary related.
Basically, everything but line 7.1 in the weekly financial statement. https://www.ecb.europa.eu/press/annual-reports-financial-statements/wfs/2025/html/ecb.fst251118.en.html
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