Ever since, the Eurosystem has bolstered stability in the interbank market through extensive liquidity provision. Within the space of only seven months, the ECB lowered its key interest rate by 325 basis points to just 1% (show chart).
In order to provide further support to financing conditions and the provision of liquidity to the banking system, the Eurosystem has implemented a string of temporary non-standard measures over the past two and a half years.