In more recent times, financial system stability – as distinct from the solvency of individual institutions – has become more prominent as an explicit focus of central banks, many of which publish regular detailed assessments of system stability. 9 This is a natural response to the circumstances, but it is really a refocusing on one of the key original purposes of the central bank.
Given stubbornly low inﬂation, the Eurosystem also adopted unconventional measures, including large-scale purchases of ﬁnancial assets. Such measures have raised particular concerns about possible distributional effects. [33] Some fear that rich households could beneﬁt from such policies at the expense of less wealthy savers.