17  See M. Brunnermeier, and Y. Sannikov, 2012. “Redistributive Monetary Policy”, paper prepared for the 2012 Jackson Hole Symposium, Princeton University. 18  See B. Coeuré, 2012. “Central banking, insurance and incentives”, speech at the ECB conference on “Debt, Growth and Macroeconomic Policies” Frankfurt, 6 December.
6  BIS central bankers’ speeches  Overall, while our non-standard measures were designed for the euro area as a whole, their use has varied among counterparties and across countries. In this regard, our non-standard measures restored the distributional neutrality of our monetary policy by mitigating distortions in certain stressed asset classes or sectors.