And trying to improve the situation, when there is a negative 0.8% growth rate, and getting worse and worse. Do you also see improvements there? Mario Monti embarked on important reforms just a few months ago. Now they have to be forcefully implemented. It will of course take time before they bear fruit. Is it time for an exit strategy of the ECB?
This could reduce the volume in the short-term unsecured  2  BIS central bankers’ speeches  interbank market, though banks will probably continue to engage in significant short-term unsecured trading for daily liquidity management purposes, as they will still need to fulfil reserve requirements. Central banks will have to monitor the impact the new liquidity regulations have on monetary policy implementation.