In practice, the concrete design and use of monetary policy instruments will depend crucially on the degree of volatility of the short-term rate chosen as the operational target that the ESCB will be willing to accept. This volatility will in turn depend on several factors: •  the width of the corridor defined by the two standing facilities available to absorb or provide liquidity (the deposit facility for the floor and the marginal lending facility for the ceiling). Under normal circumstances, the two facilities will bound the overnight interest rate. They will operate at the overnight maturity and will be accessible at the discretion of counterparties and for unlimited amounts, provided, in the case of the marginal lending facility, counterparties can supply adequate collateral. A very narrow corridor, allowing very little room for the functioning of the money market, would not be strictly in line with market principles. On the other hand, a very broad corridor would not help contain excessive market volatility. As a consequence, the width of the corridor is likely to be set pragmatically (currently, it is around 2% for most central banks that operate an interest rate corridor similar to the one planned for the ESCB);  •  the frequency of fine tuning operations could be a more discriminating factor for interest rate volatility. Very frequent intervention of the ESCB in the money market would not, in my view, be fully consistent with market principles.
The ability to endure, to persevere, to be resilient in the face of such extreme odds is about having a great sense of purpose of what needs to be achieved and the motivation of why it needs to be achieved. The sheer responsibility and the awareness of the accountability that comes with it is the very driver of such perseverance. It is also the fear of failure and knowing the far-reaching and damaging consequences. This is reinforced with the values and the discipline to stay the course to do what is right and to do what is in the interest of the people. The discipline is also important so that the Central Bank is consistent in its behaviour in managing the challenging conditions or in its aspirations to push the frontiers and create great value for the country. During such times, having great clarity in the vision and on the objective of what is to be achieved becomes paramount. This has to be the starting point if it is to draw on the energies of the entire organisation. Articulating it with great clarity throughout the organisation allows the collective alignment to the goals. This also avoids being diverted by distractions when we are confronted with destabilising times. It is also imperative when we are ambitious with bringing about change and transformation. Knowing clearly the outcomes and the benefits it brings increases the potential of bringing diverse groups within a country and across countries to building the consensus on achieving a common goal.