Reduction in refinance window and introduction of Liquidity Adjustment Facility have provided greater flexibility in this regard, and further progress in these two areas is bound to ensure lesser recourse to preemptions in the conduct of monetary policy. BIS Review 24/2001  1  Second, on interest rates, the reform objectives in terms of greater deregulation and rationalisation of small savings rates etc.
There have been notable achievements – such as constructing the banking union – but it is questionable how visible these successes are in people’s everyday lives. But external threats are now becoming more prevalent again, and this is driving integration in areas which arguably inspire stronger feelings in EU citizens.