ecb speech, 2005-11-28
When we recall that only one year before the start of Monetary Union, in January 1998, the crosscountry standard deviation of the average overnight lending rates among euro area countries was higher than 130 basis points, it is impressive that this indicator was as low as three basis points in early 1999 and has since decreased even further to just one basis point.
Sentiment: neutral
Topic: mp_economic_activity