We are currently in an environment of very high excess liquidity. This is also projected to remain the case for some time to come. The deposit facility rate is therefore likely to remain the definitive Eurosystem interest rate for a while still. The third upcoming Governing Council decision concerns refinancing.
In regular refinancing operations, we currently use a fixed-rate full allotment procedure when banks request liquidity from the central bank. In 2008, the full allotment procedure was intended to support – and has since partially replaced – the money market, which had become dysfunctional.