But are unconventional measures, such as negative interest rates and asset purchases, positively or negatively affecting market liquidity conditions and thereby that price formation mechanism?
It is of course difficult to disentangle the individual effects of each of the policy measures we have taken in the recent years, as they have all been introduced as BIS central bankers’ speeches  1  part of wider policy packages. Still, there are some points that can be made about the tools in isolation. First, negative interest rates on our deposit facility.