Moreover, the rating process is filled with conflicts of interest by virtue of the issuer-paying business model (issuers also pay for the rating agencies' advisory services on structuring their products, which leads to more problems). Moreover, the rating models for mortgage-related  BIS Review 47/2009  1  structured products are fundamentally flawed.
But we are responsible to use our measures proportionately and to obey the well-defined boundaries set by the legal framework. The flexible choice of instruments was crucial in addressing the headwinds to price stability over recent years: the ECB’s monetary policy measures have prevented inflation from falling much further and probably helped avoiding a deflationary spiral.