Jean-Claude Trichet: Economic and financial integration in EMU and implications for monetary and economic policies Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the SUERF/UNICREDIT conference entitled “Governance and structure of European finance after EU enlargement”, Frankfurt, 9 March 2005.
We are currently in an environment of very high excess liquidity. This is also projected to remain the case for some time to come. The deposit facility rate is therefore likely to remain the definitive Eurosystem interest rate for a while still. The third upcoming Governing Council decision concerns refinancing.