First of all, we have responded to the unique features of the recession by designing a set of tools specifically tailored to the nature of the shock, including recalibrating our targeted longer-term refinancing operations (TLTROs), expanding eligible collateral, and launching a new € trillion pandemic emergency purchase programme (PEPP).
Jan Smets: Monetary policy normalization – where do we stand? Speech by Mr Jan Smets, Governor of the National Bank of Belgium, at the 7th Annual Research Conference "Around a Decade After the Crisis: Heading to the New Global Cycle and Monetary Policy Normalization", National Bank of the Republic of Macedonia, Ohrid, 13 April 2018. * * * Accompanying slides of this speech.