The Governing Council has decided that fixed rate full allotment will stay until July 2015. And fixed rate full allotment is, in my view, the most powerful instrument that we have to stabilise the money market and it is being used by market participants, meaning that the MRO effectively acts as a safety valve. It is being used by market participants to stabilise liquidity.
It is indispensable to eliminate the rigidities In the economic relations between employers and employees, which prevent wages and salaries and other contractual conditions from adjusting to the level of productivity and the demand for labour.