The ECB is expected to keep the status quo (main refi rate at 0.25%, depositrate 0.00% andmarginal lendingrate at 0.75%) despite the weakness in latestCPIdatareleasedon Monday.
Before then, in the boom years, central banks operated with much smaller balance sheets, supplying a modest amount of marginallending to smooth out the bumps in markets.
For example, the ECB has a deposit facility that pays interest to banks, an emergency marginallending facility for overnight borrowing and a weekly refinancing operation in which it lends money to banks.
Most managers of enterprises, at least when talking in private, do not foresee an increase in profits or revenues this year, so a marginal reduction in lending rates looks like it will be ineffective.