Any policy decision therefore needed to take account of the extraordinary situation in money markets. Central banks have different tools to cope with the extraordinary situation in interbank  2  2  See Bernanke and Reinhart (2004). BIS Review 52/2009  markets, and their choice largely depends on institutional characteristics, but not only.
BIS Review 24/2003  3  The definition of price stability: main conclusions The review of the definition of price stability has confirmed its overall successful performance within the Eurosystem's strategic framework.Inflation expectations are perfectly compatible with the definition of price stability. Small and declining volatility of long-term inflation expectations document the successful anchoring of inflation expectations in the euro area.