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.
In the euro area, only Finland and Ireland have reached a comparable level with the U.S. in this field. Human capital improvements in these countries came together with a fast development of the sectors within information and communication technologies. As a consequence, they enjoy a labour productivity growth performance which is significantly above the euro area average.