Monetary policy is managed by the regional central bank, Banque des Etats de l'Afrique centrale (BEAC), which prioritises controlling inflation and maintaining the franc's euro peg. The BEAC thus broadly tracks European Central Bank (ECB) policy. However, in July the BEAC cut its main policy rate, taux des appels d'offres (the auction rate), by 25 basis points to 4%, slightly narrowing the differential with record low ECB policy rates. The latter are unlikely to rise until late 2012, given the benign regional inflation outlook, and the BEAC's are unlikely to either. The bank plans to increase access to credit by standardising and capping loan charges across member countries with two new rates, the taux effectif global and the taux d'usure, which should be in operation by early 2011, suggesting possible further loosening of the auction rate.