The most important tools are the main refinancing operations, which are regular liquidity-providing reverse transactions conducted with a frequency and maturity of normally one week 7. Since 16 March 2016, the interest rate on main refinancing operations has been pegged at 0.00 percent.
3  4 5 6 7  Article 4, (25) of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, and Article 2, (22) of Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features.