BIS central bankers’ speeches  5  Of course, much of this revision in interest rate projections would likely have occurred in the absence of explicit forward guidance; given the deterioration in projections of real activity due to the unanticipated persistence of headwinds, and the continued subdued outlook for inflation, forecasters would naturally have anticipated a greater need for the FOMC to provide continued monetary accommodation.
This brought our main refinancing rate to 1%. To ensure that households and firms in the euro area would benefit from these most favourable financing conditions, we also continued in 2009 with and even extended our enhanced credit support to euro area banks.