The European Central Bank moved significantly closer on Thursday to implementing a softly-softly “exit strategy” to unwind the exceptional measures it has taken to combat continental Europe’s severe recession.

Jean-Claude Trichet, ECB president, signalled that an offer of unlimited emergency one-year liquidity planned for December would be the last. He left open the possibility that the interest rate charged for the funds would be higher than in previous offers this year – or linked to future ECB official policy rates.