In other words, you have to make the case that monetary policy can provide a significant contribution to something that might primarily be a case of excessive risk, or lack of capital, either in the banking system or in the corporate sector, or both.” On a further cut to the main refinancing rate: “The MRO rate is at 25 basis points.
There is room to cut it if needed, which is consistent with our forward guidance that rates will remain at their current level or lower.” “From a purely operational point of view I don’t see a binding limit to where we can go if need be, and we’ve been clear that the deposit facility can go negative.