First, we decided to lower the interest rate on the main refinancing operations of the Eurosystem by 10 basis points to 0.15% and the rate on the marginal lending facility by 35 basis points to 0.40%. The rate on the deposit facility was lowered by 10 basis points to –0.10%. These changes will come into effect on 11 June 2014.
As a result, the G-20 decided that all standardized over-the-counter (OTC) derivatives should be cleared through central counterparties (CCPs) by the end of 2012. CCPs can act as firewalls against the propagation of shocks across market participants. But in order to reap these benefits, CCPs have to be carefully designed and subject to robust regulation and supervision.