Our more recent rate cuts have narrowed the interest rate corridor between the deposit rate and our main policy rate to 50 basis points. These rate cuts have further eased the financing conditions of borrowers in the euro area and they have contributed to a decline in the crosscountry heterogeneity in funding costs.
Banks from stressed countries which participate most in Eurosystem liquidity-providing operations will benefit from the lower interest rate charged for these operations. This will, over time, translate into reduced financing costs and improved access to credit for households and firms in stressed countries. Second, apart from standard monetary policy, the ECB has also resorted to a number of nonstandard measures.