I am particularly proud of the model of repo auctions we developed in 2012, that enabled us to react by tightening monetary conditions if necessary, without changing the corridor of basic interest rates. This is exactly what we are doing currently.
Switching to the auction model with a variable interest rate while limiting the volume of liquidity being absorbed at repo auctions, adopted in late 2012, implied a milestone, i.e. the method of reducing the costs of monetary policy implementation, while at the same encouraging private sector lending and ensuring another mechanism of influencing temporary shocks.