In the years ahead, much attention will be paid to enhancing knowledge on the impact and effectiveness of macroprudential policies, and on strengthening macroprudential frameworks. I hope that the analytical work undertaken at the Central Bank of Ireland can contribute to the development of ideas and methodologies in this area. We acknowledge that our measures impact individuals’ ability to access credit and purchase houses.
During this period of heightened stress and uncertainty, the ECB has used its liquidity operations in a pragmatic manner, consistent with both the monetary policy stance decided by the Governing Council and the market-oriented approach that has always characterised our liquidity management.