This reasoning points us in two directions. First, we need to be able to look through temporary factors that affect inflation in the short run, so that we don’t overreact to shocks that are going to reverse themselves anyway.
The centralised liquidity management function will bundle all the necessary features to allow participants to manage their liquidity across all Eurosystem services. The account structure envisaged will allow participants to use the available payment capacity whenever one of the connected services is open for business, without the need for harmonising the operating times of the different services.