Total CPI inflation is still expected to move down to about 2 per cent towards the end of 2001, if world oil prices remain around current levels. The Bank's spring Monetary Policy Report, which will be coming out on 1 May, will provide more detail on the economic outlook.
In the context of the current market turmoil, the primary aims of the ECB’s liquidity management policy have been: (1) as in normal times, to keep the overnight rate as close as  5  For a more detailed description, see the following articles in the ECB Monthly Bulletin: The role of the operational framework of the Eurosystem: description and first assessment, May 1999; and Changes to the Eurosystem’s operational framework for monetary policy, August 2003.