... con-18ECB Working Paper Series No. 393 September 2004W ORKING PAPER SERIES NO. 393 / SEPTEMBER 2004 THE DETERMINANTS OF THE OVERNIGHT INTEREST RATE IN THE EURO AREA by Julius Moschitzclusion on the ... of the interbank market are crucial for understanding the behavior of the interbank rate. So the supply side of the model closely matches the actual structure of the liquidity management in the ... circumstances.Indeed, such fine tuning operations have been performed very few times, namely at 2 1/6 /2 000, 3 0/4 /2 001, 12 and 1 3/9 /2 001, 2 8/1 1/2 001, 4 and 1 0/1 /2 002, 1 8/1 2/2 002 and 2 3/0 5/2 003. Long term...