4  BIS central bankers’ speeches  were therefore successful in limiting heterogeneity in terms of liquidity costs across euro area countries. Around 60% of the initial net liquidity injection of about EUR 500 billions has now been repaid. This is evidence that liquidity constraints on banks have significantly receded.
First, in the case of advanced economies, against a backdrop of high levels of household and government debt with low inflation and already low levels of interest rates, monetary policy space has diminished significantly.