Recently, the ECB clearly communicated to the markets that it will reinforce its policy of allocating sufficient liquidity to accommodate the demand of counterparties to meet reserve requirements early within the maintenance period. This policy will be followed as long as necessary.
However, the restoration of normal conditions over the whole maturity spectrum depends mainly on the return of confidence and trust by market participants, both in the other participants and in their own ability to access funding in sufficient amounts. It must be emphasised that the Eurosystem conducted these operations through standard market-compliant procedures and without changing the overall stance of monetary policy.