Margin transparency should also be enhanced, in terms of both the transparency of CCPs vis-à-vis clearing members and the transparency of clearing members vis-à-vis clients. The ECB is actively contributing to the follow-up work that is under way. Once the results of this work are available, significant efforts will be needed to embed them in the rules of all relevant jurisdictions.
These expectations remaining in line with its target the ECB was able to cut its key interest rate to historically very low levels (2 p.c. in nominal terms and actually zero in real terms). Monetary policy thus made its own contribution towards stabilising economic activity in the euro area.