Moreover, we decided to accelerate the completion of the design of a new antifragmentation instrument for consideration by the Governing Council. Thus, we are firmly committed to contain unwarranted fragmentation that would impair monetary policy transmission.
Genuine markets for both products and credit emerged after the reforms of the early 1990s. As Slide 13 shows, the persistent inflationary conditions during the 1990s were responded to by significant monetary actions in terms of  BIS Review 129/2010  5  both rates and liquidity management.