The extraordinary measures that have been taken by central banks and governments since October 2008 are summarised in the table on this slide and are described in detail in the Review. In the euro area, the actions taken and the commitments made have helped to stabilise the banking system and should further mitigate counterparty credit risks from trading in the unsecured interbank money markets.
Over time, and once they have been fully implemented, these measures should improve the functioning of the term money markets and the access of banks to wholesale funding markets. This should lower the cost of bank funding and facilitate the provision of credit to the economy.