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Essay

European Central Bank

After the financial crisis, central banks have taken different measures to stabilize financial markets, the banking sector and the economy. In addition, the exceptional characteristics of the crisis have called for exceptional measures. In the euro area, the Eurosystem has used a number of extraordinary measures, which can be classified into two types of intervention: conventional and non-conventional measures. Taken together, the exceptional measures adopted have proven to be effective in supporting financial intermediation, the transmission of monetary policy and the expansion of credit, thus contributing to the revival of the euro area economy. However, ECB measures cannot provide a permanent solution to structural problems due to institutional weaknesses in economies or failures of the financial regulation and supervision framework.

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