In this regard, the Governing Council of the ECB has cut its policy interest rate by 2 ¾ per cent since the beginning of last October. Despite tensions in financial markets, this has had a significant impact on interest rates at the retail level.
Of course, uncertainty concerning the economic outlook remains very high and, as always, the Governing Council will continue to monitor closely all developments. You will also be aware that some central banks have also started to engage in more non-standard monetary policy operations, such as the outright purchases of private and public assets.