First of all, the flexibility of the operational framework has proven to be extremely valuable, because it has allowed the ECB to adjust its liquidity supply at any time in line with the changing demand for central bank balances.
Benoît Cœuré: Low interest rates are not inevitable Opinion piece by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, in Les Echos, 9 November 2016. * * * After nearly a decade of crisis, the euro area is once again experiencing growth.