When entering these “uncharted waters” it was and very much remains of paramount importance for the central bank’s measures to be effective that market participants never doubt about their consistency with the overall policy framework.
It is precisely because measures were taken in such consistency and in full independence that market participants have never come to doubt the ECB commitment to maintain price stability over the medium-term. Ultimately, independence reinforces credibility, maximising the effectiveness of the measures implemented during the crisis.