Their role has dramatically changed in the crisis, owing to the unconventional policy measures, which are meant to be temporary. In autumn 2008, enhanced credit support to the interbank market was introduced in the euro area, by way of unlimited liquidity supply to banks against adequate collateral. This has supported monetary transmission and prevented a credit rationing of the private sector.
For the same purpose, the Eurosystem purchased covered bonds issued by banks on a limited scale. This program has already been completed last year. In May 2010, when the sovereign debt crisis erupted, the phasing out of the extended refinancing operations was temporary delayed and the Securities Markets Programme started. This bond purchasing program aims at non-functioning Eurozone bonds markets.