Such vigilance is particularly warranted in a context of ample liquidity and still very low levels of nominal and real interest rates across the whole maturity spectrum, implying an overall accommodative monetary policy stance. For monetary policy to make an ongoing contribution towards supporting growth and employment in the euro area, inflation expectations must be firmly anchored.
The Board of Directors and Management shall ensure that such a framework is prudent and operates in accordance with the law and the best internationally accepted standards. It is very important for the Fund to increase its activity since the fund's guarantee potential is much higher than what it is currently being utilized.