Of course, this is not the ideal solution in a market-oriented economy like the euro area and, indeed, the Eurosystem looks forward to the reactivation of inter-bank lending and to banks resuming their traditional intermediation activity.
However, as long as money markets remain dysfunctional, the Eurosystem will continue to provide liquidity as needed in order to ease tensions in the impaired money markets, with a view to ensuring that access to liquidity of solvent banks is not disrupted, thereby contributing to safeguarding financial stability.