6 See Constâncio, V. (2018) “Financial stability risks and macroprudential policy in the euro area”,Speech by Vítor  Constâncio, Vice-President of the ECB, at the ECB and Its Watchers XIX Conference, Frankfurt am Main, 14 March 2018 and references therein, and Svensson, L. (2017) “Cost-Benefit Analysis of Leaning Against the Wind,” Journal of Monetary Economics 90, 193–213. 7 See Cecchetti et al.
Thus, when the need arose, and in the absence of an appropriate policy response by the governments, the ECB stepped in decisively to restore market confidence, contain the sovereign debt crisis and support the euro area economy, by safeguarding price and financial stability.