Second, it was decided to organise again all Eurosystem liquidity providing operations as fixed-rate full allotment tenders, which allows banks to obtain all liquidity they need at a fixed rate, of course against the pledge of appropriate collateral. Finally, banks could again obtain US dollar liquidity through a swap line with the US Federal Reserve.
Since these early May days one year ago, the economic outlook has improved, both on the global level and at the euro area level. Yet, in my view, the economic environment is characterised by some divergences. I see two types of divergences. At the global level, we currently experience what the IMF in its latest World Economic Outlook calls a two-speed recovery.