As you may recall, the Governing Council decided on 8 June that, starting with the operation to be settled on 28 June, the main refinancing operations of the Eurosystem would be conducted as variable rate tenders with a minimum bid rate.
In this procedure, the minimum bid rate took over the role previously performed by the rate in fixed rate tenders in signalling the monetary policy stance of the Governing Council. Our current assessment is that market participants adapted smoothly to the new procedure, and that the procedure has served its purpose very well.