Since August 2007, the Eurosystem has repeatedly injected funds into the money market through both MROs and longer-term operations, in order to serve banks’ demand for liquidity.
These operations have been accompanied by prompt communication – via press releases or other channels – to reassure the markets that the ECB stood ready to do what was needed to guarantee the orderly functioning of the interbank market and to reduce the volatility of very-short-term rates.