Together with our decision to narrow the interest rate corridor for the standing facilities, this should also improve our ability to stabilise the overnight money market rate close to the policy rate and to adequately signal our monetary policy stance.
Since December of last year, we have also provided liquidity in US dollars against ECBeligible collateral, as part of a coordinated action by the central banks of several major advanced economies, including notably the United States' Federal Reserve. The amount of US dollar liquidity provision has in the meantime been increased, in view of the growing tension.