To do so, it has at its disposal a set of instruments and procedures that are used to achieve the interest level set by the Governing Council at the very short end of the money market yield curve. A key element of this process is the conduct of the so-called liquidity policy.
Ladies and gentlemen, to promote growth and competition more strongly also requires measures that make business start-ups easier and remove barriers to market entry. A constituent element of our market economy is that enterprises must also be allowed to fail and, in consequence, to exit the market.