Only institutional reforms and fiscal policy adjustments can avoid overburdening central banks with an excessive workload. The sovereign debt crisis in the euro area is a clear example of a situation in which disentangling price and financial stability issues became virtually impossible, and in which the role of the central bank as a guardian of trust was crucial.
The unconventional measures  2  BIS central bankers’ speeches  adopted by the Governing Council of the European Central Bank were actually aimed at countering distortions in financial markets and self-fulfilling debt runs which threatened the correct transmission of the Eurosystem monetary policy and, ultimately, its ability to pursue the primary objective of price stability.