We have cut our key policy rate by 325 basis points since last October, when the escalating financial crisis led to a rapid decline of inflationary pressures. BIS Review 72/2009  3  The interest rate on the main refinancing operations now stands at 1.0%, its lowest level since the launch of the euro.
This level is appropriate taking into account all information and analyses. Money market rates have fallen even further to record lows, and the loan interest rates charged by banks have declined. Our substantive monetary policy easing is already being felt in the real economy.