For example, the large increase in reserves in the wake of the PEPP and TLTROs has made the floor in the euro area more and more leaky, with the euro area’s benchmark interest rate, € increasingly decoupling from the DFR (Slide 13).
In these circumstances, interest rate control could be improved by broadening access to the deposit facility, in ways similar to the ON RRP. Doing so could, however, affect the calculation of benchmark rates in the euro area.