Therefore, the ECB has an interest in the orderly functioning of the money market and should contribute to ensuring that the money market works as well as possible. Nevertheless, I recognise that limits exist to the ability of central banks to ensure that the money market works in a certain way.
Any market ultimately consists of free trading between market participants: in the money market, investors and banks have to decide themselves whether or not to agree to exchange cash and other short-term financial instruments. In the end, a market is a way of coordinating private sector behaviour.