In this sense, ECB’s unconventional monetary policy measures are a complement to, rather than a substitute for, standard monetary policy. They aim to restore a more normally functioning transmission mechanism and contribute to an environment where standard  2  BIS central bankers’ speeches  measures can operate effectively.
At the same time, it is essential to push ahead with well-tailored structural measures that will facilitate the reallocation of resources over time to more viable sectors, minimise permanent scarring effects on our economies and support potential growth in the medium term.