Consistent with its mandate, the ECB needs to act if risks to price stability should emerge. In other words, we have to avoid keeping policy rates at their current historically low levels for too long. Changing policy rates does not necessarily entail a phasing-out of all the measures  BIS Review 141/2009  7  of enhanced credit support.
At the same time, our liquidity measures will not all be required to the same extent as has been the case thus far. In particular, as mentioned earlier, we should avoid setting wrong incentives by fostering banks’ dependence on the ECB’s substantial liquidity support.