It lowered the key interest rates for refinancing operations to 0.15% and cut the interest rate on the deposit facility to –0.10%. At the same time, it decided to conduct a series of TARGETed longer-term refinancing operations aimed at improving bank lending to the euro area nonfinancial private sector.
Let me assure you that this is not our intention, and there are good reasons indeed why, as a European central banker, my focus should naturally be on developments in the euro area as a whole, rather than on those in individual Member States.