Responses of the Eurosystem  Going more into depth, let me describe how the Eurosystem responded with its operational measures to banks’ changed liquidity demand. In line with other affected central banks, the Eurosystem resorted to a more pro-active liquidity management to maintain a proper control of short-term interest rates.
However, owing to the built-in flexibility of its operational framework for monetary policy implementation, the Eurosystem could address the impaired functioning of the money market through relatively minor, technical adjustments to its normal operations, while at the same time utilising the full latitude of its operational framework.