Many countries without reserve requirements--for example, Canada, Great Britain, Norway, Sweden, New Zealand, and Australia--have kept overnight rate volatility low by paying interest on central bank balances at, say, 0.25 percent below the targeted overnight rate, and charging interest for overnight lending at, say, 0.25 percent above the targeted overnight rate (Sellon and Weiner 1997, Woodford 2001, Lavoie 2005). The overnight rate then settles between the two rates, without moving outside the range or "spread"; in practice some of these central banks have achieved their target rates with substantially more precision than the Fed (Woodford 2001, Lavoie 2005). This is so even as the demand for reserve balances in these countries is a function only of existing settlement technologies and payment flows and thus is very interest inelastic.

More than 76% said they were working longer hours, for which most of them (77.7%) received no extra pay.

Nearly 16% of those polled said their workload was having a "serious effect" on their private life and/or their health.

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ECB President Mario Draghi has asked the bank's executive board to approve an increase in the workforce in the coming years, but IPSO said it has not been informed on exact numbers and expressed concern it would not be sufficient.

It was announced on Wednesday that the Banque de France has entered into an agreement with Euroclear France, the French central securities depository (CSD), to effectively outsource its collateral management.

This is the first triparty collateral management service for the French market and will collateralise exposures arising from domestic credit operations conducted by the French central bank.

The system means that when the central bank grants credit to the local market the collateral that it takes from the banks will be screened, monitored and valued using Euroclear France's system.