On 3 November 2011 in Frankfurt am Main, Mario Draghi, new President of the ECB, stated during the press conference following the Governing Council meeting, that the key ECB interest rate would be reduced. The ECB Governing Council decided that the interest rate on the main refinancing operations of the Euro system would be decreased by 25 basis points to 1.25%, starting from the operation to be settled on 9 November 2011. The interest rate on the marginal lending facility would be decreased by 25 basis points to 2.00%, with effect from 9 November 2011. The interest rate on the deposit facility would also be decreased by 25 basis points to 0.50% from 9 November 2011. On Greece's situation, Mario Draghi said the ECB was absolutely confident that the implementation of the right economic policies would quieten concerns. And regarding vulnerable countries under joint EU-IMF adjustment programmes, he said that that those countries should stand ready to take any additional measures that would become necessary.