Thus, liquidity may be sufficient and relatively cheap on normal trading days, but it may not be deep enough to prevent large price swings when demand for liquidity is significantly above the norm.
In the first place, the ceiling of just under 2% provides sufficient leeway for a certain Balassa-Samuelson effect. Secondly, the main reason why a redefinition of the stability standard should not be contemplated is that an increase might adversely affect the credibility of monetary policy in EMU.