Are these measures sufficient? Or are additional measures necessary to secure price stability and preserve financial stability under the current circumstances? Let me make three pertinent points: •  First, the purpose of such measures is to improve the functioning of markets and the transmission of monetary policy when these are impaired by exceptionally high uncertainty and elevated risk perception.
This market in turn benefits from the state guarantee on senior debt issues deriving from the securitization of bad loans (GACS). The gross value of the bad loans securitized under the GACS system was approximately € billion and it is expected to increase considerably in the months to come.