By restricting its liquidity support, the ECB will be able to guide overnight interest rates towards 1% without having to alter its policy rate.

靠限制放出流动性，欧洲央行就能够引导隔夜利率向1%上扬，而无需改动政策利率。

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The deposit rate it pays to Banks on their excess cash is one percentage point below its policy rate, and provides a floor for overnight interest rates.

欧洲央行提供给商业银行的存款利率低于其政策利率1个百分点，并提供了一个隔夜利率的最低额。

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Since it moved to unlimited fixed-rate funding, the central bank has been content to allow the overnight rate to drift much lower than the policy rate.

自从欧洲央行转而提供无限制的固定利率贷款，它就满足于让隔夜利率走软，远低于政策利率。

youdao

Since it moved to unlimited fixed-rate funding, the central bank has been content to allow the overnight rate to drift much lower than the policy rate.

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Since the unsecured overnight rate has been the principal policy lever for central banks, this development could, the BIS warns, make it hard for them to rein in inflation in the future.

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In the current money market conditions, where banks have to approach the central bank for borrowing, the overnight lending rate is in fact the key operational policy rate.

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