Consequently, the Eurosystem has branded its measures “enhanced credit support”, underlining the crucial role of bank intermediated lending in the euro area. 2.5.
Limits to monetary policy  The valiant intervention of the Eurosystem to prevent a liquidity shortage in the banking system, to restore the functioning of the transmission mechanism and to stimulate the economy through lower interest rates should not blind to the inherent limits of monetary policy, however. In order to be successful, monetary policy had to go in tandem with fiscal measures.