In fact, in the euro area changes in liquidity conditions are directed to implement the stance of monetary policy chosen by the General Council, as summarised by the ECB official rates (which are explicitly communicated to the public through the regular press release on monetary policy decisions), and under no circumstances can be interpreted as signalling changes in such stance.
In this context, monetary policy actions have responded to different sorts of circumstances, such as: hikes in the reference rate in response to equivalent measures by the Federal Reserve, to mitigate the potential for disorderly capital outflows given the high degree of openness of the Mexican economy and the prevailing conditions of uncertainty; adjustments during episodes of steep depreciation of the exchange rate, even with relatively low levels of inflation, to contain the passthrough to domestic prices and to avoid second-round effects from these shocks; and a decisive response to sizable supply shocks which, combined with a substantially depreciated exchange rate, threatened to affect the process of 5  price formation in the economy and, therefore, an unanchoring of long-term inflation expectations.