The ECB's monetary policy strategy and its impact on the money market were studied. The research looked at how banks adapted to the Eurosystem's single monetary policy in 1999 and found that the narrow corridor in place helped stabilize money market rates. It also analyzed how well market participants predicted ECB's interest rate decisions and found that these announcements did not significantly affect overnight rates. Overall, the study shows that banks learned to navigate the new policy environment, and market rates were not greatly influenced by ECB's decisions.