We did this in response to dysfunctional money markets that had weakened the ability of monetary policy to influence the outlook for price stability by interest rate decisions alone.
Among those non-standard measures, as we use to call them, the most prominent one is the full allotment liquidity provision through our refinancing operations with euro area banks – against good collateral and at the main refinancing rate prevailing at the time for several maturities extending well beyond that of the weekly operations.