Consolidating european contact centre operations
The second was to maintain price stability despite financial fragmentation in the euro area.And the third was to combat the risk of prolonged weakness in inflation at a time when all of the ECB’s conventional instruments had already been used.They began in March and are expected to continue until the end of September 2016.In any event, they will continue until the Governing Council sees a sustained adjustment in the path of inflation that is consistent with its goal of achieving rates below, but close to, 2% over the medium term.Together, these measures have already helped – and continue to help – ease financing conditions in the euro area.Despite this progress, the growing threat of prolonged weakness in inflation has made new measures necessary.The OMT tool has not been used, but it still could be if fears of the single currency’s integrity resurface.More recently, to help stimulate the flow of financing to the economy, the Governing Council decided on new unconventional measures to support the provision of credit.
To amplify the impact of the rate cuts, we also issued forward guidance on the likely path of key interest rates.The Governing Council, for example, decided to supply banks with unlimited liquidity at a fixed interest rate, to significantly extend the maturity of our refinancing operations and to expand the list of assets eligible for use as collateral.When fears regarding the euro area’s integrity surfaced at the height of the crisis, in August/September 2012, the Governing Council created Outright Monetary Transactions (OMTs).The ECB pursued this strategy throughout the crisis.We initially sought to make sure that banks could refinance themselves under good conditions so that they could continue to finance the economy.
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The effectiveness of our policies is in the balance: our economies are too interdependent for us to turn our backs on one another.