For the sake of the argument, let me abstract from credit risk in the overnight market and assume that there is enough eligible collateral to borrow from the ECB. Hence, there would be no material difference between very short-term secured and unsecured borrowing and lending.
With respect to the other pillar of the ESCB’s monetary policy strategy, the broadly based assessment of the outlook for price developments and risks to price stability, various indicators confirm the assessment of developments in monetary data.