Monetary policy is determined by the regional central bank, Banque centrale des Etats de l'Afrique de l'ouest (BCEAO), whose priorities are targeting inflation and maintaining the CFA franc's peg to the euro. Policy is therefore heavily influenced by that of the European Central Bank (ECB). The BCEAO last cut its repurchase rate (taux de pension) by 50 basis points to 4.25% in June 2009. With a deteriorating inflationary outlook in the Franc Zone and the ECB hinting that it may raise rates sooner than 2012 on similar concerns despite persistent economic and fiscal weakness, the BCEAO may begin to tighten slightly its relatively loose monetary policy and raise its main policy rate, taux des appels d'offres, in 2011, earlier than originally expected. Liquidity injections will remain the prime policy tool, with the bank having recently introduced two new liquidity offerings as demand picked up.