To ensure the continued smooth transmission of our monetary policy stance, we decided to adjust the parameters of the new series of targeted longer-term refinancing operations (TLTRO III) and announce a two-tier system for reserve remuneration. Both measures serve to mitigate the risk of possible side effects of the ECB’s accommodative monetary policy stance on bank-based intermediation undermining the sustained convergence of inflation.
In the festive mood that lasts for two days this year for the Telugus, let me wish the deliberations of the conference on "Advances in Open Economy Macroeconomics" a very productive and pleasant time.