Thereby consolidating the overall network accounting
To restore uniform monetary policy transmission and tackle the risks to price stability, the ECB thus needed to combine conventional measures with unconventional measures tailored to the particular situation in the euro area.
The ECB pursued this strategy throughout the crisis.
And the third was to combat the risk of prolonged weakness in inflation at a time when all of the ECB’s conventional instruments had already been used.
These challenges guided our actions in pursuit of our price stability objective.
The National Assembly, like all of the national parliaments, plays a vital role every day in the necessary interaction between national and European institutions.
The effectiveness of our policies is in the balance: our economies are too interdependent for us to turn our backs on one another.
However, the lack of confidence in certain Member States in the financial system and in the solvency of sovereign borrowers was an impediment to the transmission of monetary policy to the broader economy during the crisis.
In countries gripped by financial difficulties, financing conditions remained restrictive, despite the easing of monetary policy.
We gave banks access to five-year refinancing operations on the condition that, in exchange, they boost their lending to the real economy.Thus, it contributed to the efforts undertaken in the euro area, which also involved the creation of the banking union, to break the vicious circle of sovereign risk undermining banks’ stability and thus their ability to finance the real economy.The OMT tool has not been used, but it still could be if fears of the single currency’s integrity resurface.the practical work of administration, and all steps that are taken in this direction-the more varied they are, the better-should be carefully recorded, studied, systematized, tested by wider experience and embodied in law.pauvres sans exception au gouvernement du pays ; et toutes les mesures prises dans ce sens - plus elles seront varies, mieux cela vaudra - doivent tre soigneusement enregistres, tudies, systmatises, mises l'preuve d'une exprience plus vaste, et recevoir force de loi.Considrant la production de polymres comme l'un de ses mtiers de base, Enichem a choisi une stratgie propre accrotre son efficacit en constituant l'entreprise commune avec un associ mme d'apporter des By consolidating power in his hands, Bland successfully ensured that his judgement on all important matters reigned supreme, thereby saving the organization from many of the problems of its earlier years.
This led to an unprecedented accommodative stance in our monetary policy, a stance carried out via a wide range of measures, some conventional and others unconventional.