The reason for this divergence is that when one says that the Committee has a reaction function for how it will behave if contingency X arises, such a statement implies that we have fully litigated this contingency in advance.
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).