The provision of liquidity and the allotment modes for refinancing operations will be adjusted when appropriate, taking into account the fact that all the non-standard measures taken during the period of acute financial market tensions are, by construction, temporary in nature. Let me now explain our assessment in greater detail, starting with the economic analysis.
Credit no longer seems to flow seamlessly across borders without incurring what is de facto a country premium for the stressed countries. It is often remarked that this is nothing more than a wholly justified risk-premium that should have been present from the start. That could be true for interest charged by the market for lending to Governments.