BIS Review 85/2007  1  I am pleased to invite Directors of the Board of the Bank as well as our first customers to move forward for the formal launch of the OTC sales. (Unscrolling of Display) After the formal launch, we shall move towards the counters. I believe that whenever there is something new, there must also be something old.
The establishment of the EFSF and, later, the ESM allowed euro area members to grant loans at favourable interest rates and under strict conditionality to countries that had lost market access. Second, the Governing Council of the ECB was innovative in its conduct of monetary policy, putting in place both standard and non-standard policy measures.