If such transactions were to occur at higher rates than before, then we may see upward pressure on certain money market rates. At this stage, we see very little evidence of this being priced in by the market, but the ECB will continue to actively monitor conditions in the money market. 2/3  BIS central bankers' speeches  Conclusion Allow me to conclude.
On 12 September the Governing Council decided on one of the most broad-based packages of monetary stimulus measures to date. Of the five measures in the overall package, the two that I have discussed today may be particularly relevant for banks.