In order to establish the interest rate corridor, the BSP interest rates will be re-calibrated as follows: First, the current overnight RP rate of 6.0 percent will be reduced to 3.5 percent when the RP window is converted to the overnight lending facility. Second, the overnight RRP rate of 4.0 percent will be adjusted to 3.0 percent.
The ECB did not itself take on the design or enforcement of conditionality arrangements. See https://www.ecb.europa.eu/press/pr/date/2012/html/pr120906_1.en.html. Page 7 of 16  Money creation, inflation and sterilisation  But why is it that monetary financing of the fiscus could be inflationary? As I have said elsewhere, I am not worried about high inflation this year, especially given the recent collapse of oil prices.