During this period of heightened stress and uncertainty, the ECB has used its liquidity operations in a pragmatic manner, consistent with both the monetary policy stance decided by the Governing Council and the market-oriented approach that has always characterised our liquidity management.
Although the frequency of liquidity operations has increased when necessary and the timing and maturity of liquidity provision has evolved over time, such actions aimed at reassuring market participants about the continuation of transactions in the money market and have neither involved substantial changes to the operational framework nor impinged on the monetary policy decisions and the primary objective of price stability.