One is monetary policy, and the other is financial stability. Regarding the latter, it’s essential that we have a macroprudential instrument to give the central bank greater room for manoeuvre. The latest rounds of liquidity provision have not yielded the expected results. What can be done if the banks do not want money even if they’re being paid to take it?
In the new round of the liquidity provision programme, TLTRO III, the first tender was sluggish and the second was a little better. Let’s see what happens with the third.