Since 1995, when the Bank began targeting inflation at the midpoint of a 1 to 3 per cent inflationcontrol range, volatility for short-term interest rate instruments has fallen further, and since the late 1990s, it has remained in a historically low range. 2  Volatility here refers to the second moment of the distribution of financial returns.
The three safety nets endorsed by the European Council for workers, businesses and sovereigns, amounting to a package worth € billion, provide important funding support in this context. At the same time, the Governing Council urges further strong and timely efforts to prepare and support the recovery.