1 Within the above mentioned co-ordinated action of five central banks the BoE gave notice in mid-December 2007 that it has expanded the amount of reserves offered at the 3-month maturity longer-term repo open market operations (OMO) on 18 December and 15 January and, more importantly, that it has widened the range of collateral accepted for these additional funds.
Between November 1999 and October 2000 interest rates were increased by a total of 225 basis points in order to counteract the emergence of risks to price stability in the euro area. In early 2001, our analysis started to signal declining inflationary pressures over the medium term.