We want to make sure that money market rates don’t overreact even to positive economic news from the euro area. Their reactions should remain in line with the economic situation.
2  BIS central bankers’ speeches  But it is clear that the ECB is aiming at the – short-term – money market rates and less so at the – longer-term – bond yields, right? Nagel: That is the tradition of monetary policy in the euro area. We are much more focused on the short end of the yield curve.