For the purpose of signalling the monetary policy stance, the minimum bid rate is designed to play the role performed, until now, by the rate in fixed rate tenders. This change does not in any way rule out the option that, in the future, the main refinancing operations of the Eurosystem may be conducted in principle as fixed rate tenders.
A press release setting out a comprehensive description of the new tender procedure will be issued during the course of next week. Turning to today’s other meeting, the General Council considered public finance developments in the EU. The General Council also carried out its first annual review of the functioning of the ERM II, in accordance with Article 16 of the ERM II Agreement.