I will come back to the current stance of monetary policy in the Eurosystem, but let me first devote some further remarks on the refinancing framework. 1  The liquidity support for Northern Rock plc in mid-September is not included in this list of market-wide measures.
Second, I shall consider the use of the euro outside the euro area. In fact, there is evidence of considerable demand for euro banknotes also outside the euro area and particularly in countries neighbouring the EU.