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 broadly tracks European Central Bank (ECB) policy. However, in mid-2010 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 raised rates in April-with the likelihood of further tightening in 2011-on inflation concerns; with worsening regional inflation prospects, the BEAC may follow suit. However, credit growth remains sluggish; the bank plans to increase access by standardising and capping loan charges across member countries with two new rates, the taux effectif global and the taux d'usure (expected to be operational by mid-2011), suggesting a dovish outlook for rates.