The ECB had to resort to a new approach to ease its monetary stance, based more on directly influencing the whole constellation of interest rates that are relevant for the financing conditions of the economy. This strategy was articulated in three measures.
With regard to crisis management, the adoption of the Memoranda of Understanding on cooperation between central banks, banking supervisors and, more recently, ministries of finance, has been a major accomplishment. Work to carry out simulation exercises to test these arrangements is already underway. III.