... circumstances.Indeed, such fine tuning operations have been performed very few times, namely at 2 1/6 /2 000, 3 0/4 /2 001, 12and 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 ... con-18ECBWorking Paper Series No. 393September 2004W ORKING PAPER SERIES NO. 393 / SEPTEMBER 2004 THE DETERMINANTSOF THE OVERNIGHTINTEREST RATE IN THE EURO AREA by Julius Moschitzclusion on the ... of the maintenance period, ascanbeseeninfigure 5. Therefore, supply shocks are the main driving forces of the liquiditysituation. In figure 6 the interbank rate t ogether with the lending and...