Yet I should like to stress that these measures are very exceptional and we very much look forward to the reactivation of inter-bank lending and to banks resuming their traditional intermediation activity. The Eurosystem’s operational framework has proved to be “fit for purpose”. Three features of our operational framework have served us particularly well in dealing with the money market tensions.
First, the broad set of eligible counterparties, which ensures that our operations have a sufficient scope. Second, the large scale of our operations, which ensures that our operations allow for an effective redistribution of liquidity across banks. And third, the wide range of eligible collateral.