Most notably, we decided to supply liquidity on an unlimited basis and at a fixed rate. In addition we intensified our close cooperation with other central banks, in particular with the Federal Reserve. These measures have enhanced the capability of euro area banks to refinance themselves with the Eurosystem and have helped to ease liquidity tensions in the money markets.
Yet I should like to stress that these measures are very exceptional and we very much look forward to the reactivation of inter-bank lending and to banks resuming their traditional intermediation activity. The Eurosystem’s operational framework has proved to be “fit for purpose”. Three features of our operational framework have served us particularly well in dealing with the money market tensions.