These remarks reflect my own current thinking on the matter, which may evolve as the Governing Council reviews the Eurosystem’s operational framework – a process we hope to conclude before the end of the year. From corridor to floor: the role of excess reserves Before 2008, the ECB, and most other major central banks, implemented monetary policy in a “corridor” system.
In particular, the experience of the financial  2  BIS central bankers’ speeches  crisis may have led many participants to reevaluate the risk of their market-making activities and either reduce their exposure to that risk, become more selective, or charge more for it, thereby reducing liquidity.