6  BIS Review 43/2008  The Eurosystem’s operational framework Thus, before explaining what the ECB has done, let me briefly outline some elements of the Eurosystem’s operational framework that have proved crucial to enable it to continue influencing short-term money market rates in spite of the difficult situation in financial markets.
The operational framework of the Eurosystem has been chosen with great care to function both in normal and stressful times. 5 It aims at steering short-term money market rates close to the main policy rate in a smooth and efficient manner, with the primary aim of implementing the monetary policy decisions of the Governing Council of the ECB.