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.
Let me therefore dedicate most of the remainder of this speech to our non-standard monetary policy and how it relates to standard interest rate policy. 2. Monetary policy, financial stability and the separation principle  The ECB was one of the first central banks to react with large liquidity injections, when the financial market turmoil erupted in August 2007.