In these circumstances, interest rate control could be improved by broadening access to the deposit facility, in ways similar to the ON RRP. Doing so could, however, affect the calculation of benchmark rates in the euro area.
15 Moreover, the debt has largely been funded by the household sector, which has sustained a very high rate of saving. Although this does not preclude the possibility of substantial disruption in the financial system, it does provide some leeway for authorities attempting to ensure that the financial system remains liquid.