Although initially European Commission forecasts suggested that Greece’s economic activity would be severely affected, real GDP growth increased in the second quarter of 2015 by 0.9% (1.6% on an annual basis).
As the main policy interest rate, the interest rate on the deposit facility, had already been brought to zero in summer 2012, the Governing Council introduced innovative measures to provide additional stimulus. Starting in June 2014, the Governing Council brought the interest rate paid on banks’ deposits of excess liquidity with the Eurosystem to –0.1%.