These measures should ensure enhanced access of the banking sector to liquidity and facilitate the functioning of the euro area money market. They are expected to support the provision of credit to households and non-financial corporations. All the non-standard monetary policy measures are, by construction, temporary in nature.
If we look at the past experience, the ECB’s measures have enabled the monetary policy transmission mechanism to continue operating relatively well at the level of the euro area, containing also contagion, although it should be recognised that the transmission mechanism remains severely disrupted in some euro area countries.