By increasing the level of ambition of their stability programmes, especially in respect of expenditure restraint, they would free resources for productive investment and reassure the public with regard to future tax developments, thereby fostering economic growth. I have already expressed the view that the ECB's best contribution to economic welfare in Europe is to maintain price stability in the euro area.
So users of 1-month BBSW should give careful consideration to using alternative benchmarks given the lack of liquidity in this market. It's also worth noting that for some products, approaches adopted widely by market participants offshore will have an important bearing on the reference rates we are likely to end up using.