PRESS RELEASE

Monetary policy decisions

13 September 2001

The Governing Council of the ECB expresses its deep grief at the unprecedented and tragic events of terrorism which occurred in the United States. It offers its deepest sympathy and condolences to all those affected by these dreadful acts. The fundamental strength and resilience of the US economic system will not be impaired by recent events.

At today's meeting the Governing Council decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.25%, 5.25% and 3.25% respectively.

The Governing Council will carefully monitor further developments in the US and the world economy.

The Governing Council reconfirms that the Eurosystem stands ready to support the normal functioning of markets. In this context, the Eurosystem has conducted liquidity-providing fine tuning operations yesterday and today. While the expectation is that normal market conditions will prevail in the period ahead, the Eurosystem will continue to monitor developments in financial markets and take action if necessary. The Eurosystem is co-ordinating its activity with the Federal Reserve System of the United States and other major central banks of the world.

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