In the context of the current market turmoil, the primary aims of the ECB’s liquidity management policy have been: (1) as in normal times, to keep the overnight rate as close as  5  For a more detailed description, see the following articles in the ECB Monthly Bulletin: The role of the operational framework of the Eurosystem: description and first assessment, May 1999; and Changes to the Eurosystem’s operational framework for monetary policy, August 2003.
BIS central bankers’ speeches  3  In the euro area, macroeconomic developments have matched expectations, which is something we have not seen for quite a while. The weak positive growth is set to continue into the 2nd half of 2013, but still with large differences within the area. Especially German domestic demand is beginning to fuel growth.