  Second, and as a result, monetary policy in crisis times should aim at repairing monetary policy transmission by reducing fragmentations in the economy and restoring thereby distributional neutrality. There is, however, no fundamental difference between monetary policy in normal and crisis times.
The intensity and the choice of instruments in a crisis might need to be adjusted, but monetary policy should continue to act within the same stability mandate and following the same long-term objectives as in normal times.   Third, the ECB’s monetary policy actions have offset market dislocations and thereby contributed to restoring distributional neutrality during the crisis.