With a view to ensure price stability in the context of low underlying price pressures and to foster the economic recovery, the Governing Council lowered policy rates further (from 1.5% in July 2011 to 0.25% in November 2013).
In the first half of 2013, also reflecting spillovers from developments outside the euro area, both the level and the volatility of euro money market interest rates increased, thereby reducing the monetary accommodation introduced by the Governing  15  In addition, the Governing Council reintroduced some of the non-standard measures phased out earlier (e.g.