Increased computing power has in turn contributed to advances in other fields, such as biotechnology, and has helped to increase the range of goods and services available to businesses and consumers. Moreover, whatever the pace of future technological progress, further diffusion of already-existing technologies and applications to more firms and industries should continue to increase aggregate productivity for a time.
•  With the adoption of fixed-rate full allotment in liquidity provision, lending is almost done freely against collateral to deal with impaired money markets, while quantities respond endogenously to the degree of stress in interbank markets. •  Extension of LTROS maturities up to 1 year in 2009 and to 3 years in 2011/12.