This entails monitoring the implications of these requirements and best practices and putting effort in finding workable solutions and where possible to improve the consistency of standards already available. In my mind, this will be one of the bigger challenges for the supervisory and legislative community for the upcoming years.
I will now focus on the liquidity operations the Eurosystem conducted during the turmoil and also the joint actions that took place by several central banks. After the start of the financial market turmoil, it appeared that credit institutions had developed a preference for fulfilling their reserve requirements relatively early in the maintenance period.