In addition to standard monetary policy measures, the Eurosystem introduced a policy of “enhanced credit support” intended to limit the role of liquidity in the propagation of the crisis, to maintain the transmission of interest rate decisions, and to enhance the flow of credit to the real economy.
These extraordinary measures lead to a doubling of the central bank balance sheet in the euro area and an even greater expansion in the US. In effect, the money market ceased to exist and the central bank took over its intermediation role.