I would emphasise that these operations were all conducted within the existing operational framework. In participating in Eurosystem liquidity operations, market participants have been able to use a very wide range of collateral to access funding. Earlier changes to the collateral framework in particular, have helped in supplying the liquidity needs of the euro markets in a timely fashion.
This has added significantly to the flexibility of the Eurosystem's operational framework in managing liquidity in the euro area money market in turbulent conditions. The actions undertaken in recent months have alleviated problems at the very short-end of the interbank market, although spreads between longer-term rates and policy rates remain relatively high.