translate English to French: Operational efficiency can be defined as the capacity of the operational framework to enable monetary policy decisions to feed through as precisely and as fast as possible to short-term money market rates. These in turn, through the monetary policy transmission mechanism, affect the price level.
L’efﬁcacite operationnelle peut etre deﬁnie comme l’aptitude du ´ ` ´ ´ cadre operationnel a permettre aux decisions de politique monetaire de se ´ ´ ´ ` repercuter aussi precisement et aussi rapidement que possible sur les taux a ´ ´ ` court terme du marche monetaire.