SpeechHow the ECB addresses financial cycles
The ECB’s monetary policy framework accounts for recurrent ebbs and flows in financial markets, an approach also known as leaning against the wind. For this to work smoothly, says Executive Board member Peter Praet, other policy areas have to build a robust first line of defence against financial imbalances.
SpeechMonetary policy lessons from the crisis
ECB board member Benoît Cœuré looks at the challenges for monetary policy implementation after the crisis. He discusses how structural shifts in financial intermediation and the effective lower bound of interest rates will impact the ECB toolkit.
|Marginal lending facility||0.25 %|
|Main refinancing operations (fixed rate)||0.00 %|
|Deposit facility||− 0.40 %|