Although in fact it never became necessary to activate this instrument, its mere announcement led to much calmer conditions in euro area financial markets and to receding fragmentation, demonstrating the commitment of the ECB to do “whatever it takes” – to use the famous phrase of President Draghi earlier that summer – to save the euro.
11 For example, in some countries, such as here in Lithuania, borrower-based measures are codified in the context of financial stability, while in others they fall under consumer protection law, as for the Netherlands and Latvia. The range of lending institutions covered by borrower-based measures also varies according to the national legal basis.