The Bank decided to change the target for the uncollateralized overnight call rate from previously “around 0.1 percent” to “around 0 to 0.1 percent.” The Bank has pursued a virtually zero interest rate policy since the policy change in December 2008, setting the target for the rate at around 0.1 percent.
4  BIS central bankers’ speeches  This is also the case for the last measure we announced: the Outright Monetary Transactions – OMTs. The OMTs are designed to tackle unfounded fears of the reversibility of the euro that distorted the sovereign bond markets in the euro area.