Money market functioning is paramount for monetary policy, because the EONIA rate is the starting point for the transmission mechanism. The EONIA rate anchors the overnight index swap (OIS) curve, which is the best proxy for a risk-free yield curve in the euro area.
However, in view of the progress achieved so far in terms of reaching primary surpluses and meeting the various conditions incorporated in the adjustment programme, further debt relief should be provided to Greece along the lines of the Eurogroup decision of 27 November 2012.