This also means that the € is a better and more transparent indicator of prevailing market conditions than EONIA, as it helps deliver a more comprehensive picture of the interactive effects of our actions and policy framework. But it also implies a possible risk that the € might be less under our control than EONIA was.
Changes in the € are essentially a function of three main factors: the level of ECB policy rates, the level of excess liquidity and the distribution of this excess liquidity across sectors.