4  BIS Review 155/2010  This leads me to my second topic, the case for correcting the systematic disregard of monetary phenomena in the consensus framework. The case for correcting the systematic disregard of monetary phenomena As I have stressed before, in my view, monetary policy should avoid any kind of shorttermism.
One distinguishing feature of these nonstandard measures is their focus on the banking system, reflecting the bank-centric structure of the financial sector in the euro area (see Figure 5). 31 The ECB’s approach contributed to contain the rise in money market spreads last autumn, before helping to reduce them substantially thereafter (see Figure 6).