As a tribute to your collective foresight, I would like to recall that in your meeting on 25 June 2012, you were among the first to discuss the operational consequences of lowering the ECB’s Deposit Facility Rate (DFR) to zero or below zero.
This will be the topic of my remarks tonight.1 A few months ago, on 5 June, the ECB lowered the main refinancing rate to 0.15%, the marginal lending rate to 0.40%, and – maybe most noteworthy – the Deposit Facility Rate to minus 0.10%.