The deposit rate has been a better guide to the policy stance than the refi rate has.

准备金利率比起再融资利率能让人更好地揣测政策立场。

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Once the refi rate is cut to 1%, the deposit rate will go to zero unless the ECB Narrows the gap.

一旦再融资利率降至1 %，那么存款利率将降至为零，除非欧洲央行采取措施缩小这一差距。

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Before the crisis, the ECB would aim to keep overnight interest rates close to the refi rate.

危机发生之前，欧洲央行本想将隔夜利率保持在接近再融资利率的水平。

youdao

The deposit rate has been a better guide to the policy stance than the refi rate has.

ECONOMIST: Appraising the European Central Bank

Before the crisis, the ECB would aim to keep overnight interest rates close to the refi rate.

ECONOMIST: Appraising the European Central Bank

Keeping the totemic refi rate above zero may be seen as necessary to prevent inflation expectations from drifting up.

ECONOMIST: Appraising the European Central Bank