The wide dispersion of growth rates at the height of the crisis was largely related to the fragmentation of financing conditions across euro area countries, amplified by the banksovereign “doom loop”. In response to this, we have put in place a range of measures, particularly the longer-term refinancing operations (LTRO and TLTRO), and announced our readiness to conduct outright monetary transactions (OMT).
Such measures were specifically designed to counter the impairment to monetary transmission caused by this fragmentation. 3 / 15  BIS central bankers' speeches  You can see on slide 3 that this was naturally more beneficial to those economies that had suffered more from financial fragmentation.