Moreover, in addition to the main aim of controlling very short term rates, three features of the operational framework in combination with a lengthening of the maturity profile in the regular repo operations have allowed the Eurosystem to address funding constraints indirectly also in term money and asset markets: Firstly, access of a broad range of counterparties to central bank liquidity, not only at the marginal lending facility but also at the regular temporary open market operations.
https://www.bundesbank.de/en/press/speeches/consistency-as-a-mandate-816296  4/9  11/29/2019  Consistency as a mandate | Deutsche Bundesbank  All things considered, the German ﬁnancial system has become more vulnerable to a scenario in which the economy experiences an unexpected downturn rather than simply treading water for a time, as is the case now.