We have an interest rate at which we normally provide most of our liquidity to monetary and financial institutions, the rate on the main refinancing operations, or MRO rate. We then have the marginal lending rate – a rate incorporating a spread over the MRO at which banks can obtain overnight liquidity from our standing marginal lending facility.
Cause for optimism In the G-20 meetings held recently in Sydney, Australia, we recognized that the global economy has not yet returned to strong, sustainable and balanced growth, and that there is limited scope for further stimulus from conventional policies. It was in this context that we underscored the importance of structural reforms to future growth.