Today’s package has three elements. These are: first, a reduction in the cash rate target, the three-year yield target and the interest rate on new drawings under the Term Funding Facility to 10 basis points, from the current 25 basis points. second, a reduction in the interest rate on Exchange Settlement balances to zero from the current 10 basis points.
BIS central bankers’ speeches  1  at the national level are not necessarily so when adopting a global vision. Therefore, a highly globalized world presents the typical prisoner’s dilemma, where a non‐ cooperative approach leads to poorer results for all the parties involved as opposed to one based on cooperation.