Furthermore, the Governing Council decided to conduct the three-month longer-term refinancing operations (LTROs) to be allotted on 26 January, 23 February and 30 March 2011 as fixed rate tender procedures with full allotment. The rates in these three-month operations will be fixed at the average rate of the MROs over the life of the respective LTRO. Overall, the current monetary policy stance remains accommodative.
This will enable us to safeguard a competitive and diversified payments market –for the benefit not only of Generation Z, but of all individuals and businesses making euro payments across Europe. I wish you a fruitful discussion and an enjoyable conference. 3/3  BIS central bankers' speeches