The stimulus package comprises a number of tools, including: the introduction of a negative interest rate on the ECB’s deposit facility, a credit-easing package in the form of targeted long-term refinancing operations (TLTROs), 2/7  BIS central bankers' speeches  an asset purchase programme consisting asset-backed securities (ABS), the re-ignition of the covered bond purchase programme (CBPP3), and a forward guidance strategy.
Transparent truth telling also serves a very important function in that it allows markets to discriminate in the event of a global disruption. When investors have good, reliable information, they can make better decisions. This can help limit contagion and minimize the occasions when countries are sideswiped by the poor policy decisions of others.