As a matter of fact, it should be noted that the notion of zombie firms in the context of academic research does not directly connect to monetary easing measures, since it first emerged in relation to the disposal of nonperforming loans and measures to support corporate financing, not in relation to monetary policy.
In other words, alternative monetary policy measures that entail more limited action would not enable the objective to be achieved as effectively and rapidly. Third, proportionality stricto sensu implies that the expected benefits of the ECB’s actions must outweigh their costs. These principles provide for a hierarchy of tools, where unconventional measures should be used only once conventional measures have been exhausted.