In fact, the institutional framework underlying the ECB does not prevent it from taking nonconventional monetary policy measures of the type that other central banks have done. The ECB did not embark on large-scale purchases of government bonds of Member States because it could not do so, but because we did not consider that to be an appropriate instrument in conducting monetary policy.
The non-conventional measures we adopted relied more on the banking system, given its prominence in the transmission of monetary policy in the euro area. I have shown previously that our measures have been as effective, if not more effective, than others in providing liquidity to the financial system.