And in any case, the monetary policy stance of the Eurosystem will be – due to the stock effect – accommodative for a long time to come. This should be considered when deciding on future investments. 1 www.policyuncertainty.com/index.html. 4/4  BIS central bankers' speeches
  The process of phasing out started in December 2009: We suspended liquidity provision at maturities of 6-month and 1-year; the covered bond purchase  BIS Review 152/2010  3    By now the following liquidity support measures have remained in place: unlimited liquidity provision in our refinancing operations at a fixed interest rate and the SMP.