But we have to start from where we are, and the obstacles on the way must be analyzed and overcome. I will argue that the present mood in the markets is partly an overreaction, a sort of mirror image of the irrational exuberance of the first years of the 21st century. The tasks of financial consolidation and reregulation are real and unavoidable.
This lack of synchronisation had previously led to discrepancies in the market, as interest rates in the interbank market changed when the repo rate was changed, while the interest rate for the main repo remained unchanged for the rest of the week.