These operations did not have a direct effect on euro liquidity conditions, but aimed at improving global funding conditions. Since these coordinated actions taken in December and January, the G-10 central banks have continued to work closely together and to consult regularly on liquidity pressures in funding markets.
Instead of lending to SMEs, capping lending rates would encourage the banks to concentrate their reduced loan portfolios on their prime borrowers, which already benefit from the lowest lending rates in the economy.