The current package should be felt tangibly in the financial sector and the real economy over the coming weeks and months. Of course, it comes against strong headwinds generated by deleveraging. We established very long-term refinancing operations with a maturity of three years. This duration is a novelty in ECB monetary policy operations.
Erkki Liikanen: The euro at 10 – the next global currency? Speech by Mr Erkki Liikanen, Governor of the Bank of Finland, at the joint conference “The euro at ten: the next global currency?”, sponsored by the Peterson Institute for International Economics and Bruegel, Peterson Institute for International Economics, Washington DC, 10 October 2008.