The ECB had to resort to a new approach to ease its monetary stance, based more on directly influencing the whole constellation of interest rates that are relevant for the financing conditions of the economy. This strategy was articulated in three measures.
The first was the launch of a negative interest rate policy, as we lowered the interest rate paid on 1/5  BIS central bankers' speeches  our deposit facility to –0.1% in June 2014. The second instrument was our targeted longer-term refinancing operations (TLTROs), which are specifically designed to support bank lending to the private sector.